NPORT-EX 2 405889VYGloEQDivPremOppFd.htm

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited)

 

Shares       Value Percentage
of Net
Assets
COMMON STOCK: 98.8%
    Australia: 3.1%
81,809   AGL Energy Ltd. $   916,554   0.2
525,210   Aurizon Holdings Ltd. 1,666,145   0.3
45,534   Australia & New Zealand Banking Group Ltd. 541,925   0.1
124,066   BHP Group Ltd. 2,920,004   0.5
216,634   Coca-Cola Amatil Ltd. 1,266,869   0.2
150,632   Crown Resorts Ltd. 965,165   0.2
10,166   Macquarie Group Ltd. 747,714   0.1
103,539   Newcrest Mining Ltd. 2,098,007   0.4
74,540   Rio Tinto Ltd. 4,655,716   0.8
39,160   Sonic Healthcare Ltd. 736,152   0.1
252,282   Sydney Airport 987,060   0.2
      17,501,311   3.1
         
    Belgium: 0.7%
19,987   Colruyt S.A. 1,206,388   0.2
24,801   UCB S.A. 2,482,213   0.5
      3,688,601   0.7
         
    Canada: 4.3%
37,888   Bank of Nova Scotia 1,518,162   0.3
77,668   BCE, Inc. 3,228,340   0.6
46,293   Canadian Imperial Bank of Commerce - XTSE 2,968,522   0.5
77,885   CI Financial Corp. 923,182   0.2
1,260   Constellation Software, Inc./Canada 1,432,301   0.2
28,860   Empire Co. Ltd. 653,141   0.1
16,553   Kirkland Lake Gold Ltd. 637,787   0.1
63,460   National Bank Of Canada 2,763,599   0.5
50,767   Open Text Corp. 2,109,069   0.4
18,069   Rogers Communications, Inc. 757,222   0.1
189,408   TELUS Corp. 3,282,329   0.6
42,118   Waste Connections, Inc. 3,960,777   0.7
      24,234,431   4.3
         
    China: 0.3%
610,000   BOC Hong Kong Holdings Ltd. 1,718,135   0.3
         
    Denmark: 1.6%
15,798   Carlsberg A/S 2,047,633   0.4
6,392   Coloplast A/S 1,081,113   0.2
88,441   Novo Nordisk A/S 5,793,299   1.0
      8,922,045   1.6
         
    Finland: 0.8%
40,320   Orion Oyj 2,158,072   0.4
64,469 (1) Sampo OYJ 2,316,404   0.4
      4,474,476   0.8
         
    France: 1.3%
8,156   Danone 561,137   0.1
38,632   Edenred 1,616,531   0.3
10,324 (1) Eiffage SA 942,430   0.2
65,942   Eutelsat Communications 660,219   0.1
81,857 (1) Getlink SE 1,183,749   0.2
208,158   Orange SA   2,503,409   0.4
      7,467,475   1.3
         
    Germany: 1.0%
5,861   Allianz SE 1,062,225   0.2
1,386   Beiersdorf AG 145,585   0.0
95,632 (1) Deutsche Post AG 2,995,025   0.6
408,103   Telefonica Deutschland Holding AG 1,244,588   0.2
      5,447,423   1.0
         
    Guernsey: 0.8%
69,661   Amdocs Ltd. 4,337,094   0.8
         
    Hong Kong: 1.3%
388,500   CK Hutchison Holdings Ltd. 2,391,947   0.4
168,000   CLP Holdings Ltd. 1,649,045   0.3
776,000   HKT Trust / HKT Ltd. 1,103,937   0.2
15,400   Jardine Matheson Holdings Ltd. 619,284   0.1
327,500   Power Assets Holdings Ltd. 1,833,872   0.3
      7,598,085   1.3
         
    Ireland: 1.1%
63,051   Medtronic PLC 6,215,568   1.1
         
    Israel: 0.2%
261,337   Bank Leumi Le-Israel BM 1,388,076   0.2
         
    Italy: 0.7%
95,496   Enel S.p.A. 738,349   0.1
681,265   Snam SpA 3,191,292   0.6
      3,929,641   0.7
         
    Japan: 8.6%
140,800   Canon, Inc. 2,891,270   0.5
13,300   Central Japan Railway Co. 2,279,379   0.4
12,600   East Japan Railway Co. 989,638   0.2
76,500   Fuji Film Holdings Corp. 3,508,793   0.6
2,900   Hikari Tsushin, Inc. 636,036   0.1
44,100   Hitachi Ltd. 1,424,396   0.3
13,500   Hoya Corp. 1,270,262   0.2
74,500   Japan Airlines Co. Ltd. 1,462,935   0.3
42,400   Kamigumi Co., Ltd. 830,978   0.2
28,800   Konami Holdings Corp. 1,011,833   0.2
12,900   Kyocera Corp. 698,788   0.1
19,800   Kyushu Railway Co. 562,673   0.1
13,100   Lawson, Inc. 726,734   0.1
107,600   LIXIL Group Corp. 1,503,190   0.3
31,500   Medipal Holdings Corp. 624,028   0.1
17,800   MEIJI Holdings Co., Ltd. 1,344,126   0.2
32,700   Mitsubishi Corp. 764,239   0.1
17,200   Mitsubishi Heavy Industries Ltd. 446,472   0.1
97,700   MS&AD Insurance Group Holdings, Inc. 2,877,741   0.5
102,600   Nippon Telegraph & Telephone Corp. 2,335,298   0.4
24,800   NTT DoCoMo, Inc. 681,595   0.1

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited) (Continued)

 

Shares       Value Percentage
of Net
Assets
COMMON STOCK: (continued)
    Japan: (continued)
167,200   ORIX Corp. $   2,212,637   0.4
23,900   Sankyo Co., Ltd. 616,494   0.1
8,000   Secom Co., Ltd. 694,392   0.1
177,500   Sekisui House Ltd. 3,388,323   0.6
55,100   Softbank Corp. 699,654   0.1
233,300   Sumitomo Corp. 2,811,056   0.5
49,900   Sumitomo Mitsui Financial Group, Inc. 1,448,214   0.3
77,300   Sundrug Co., Ltd. 2,603,869   0.5
15,700   Suzuken Co., Ltd. 571,188   0.1
22,500   Trend Micro, Inc. 1,238,451   0.2
728   United Urban Investment Corp. 770,766   0.1
38,500   West Japan Railway Co. 2,492,397   0.5
      48,417,845   8.6
         
    Netherlands: 1.8%
177,002 (2) ABN AMRO Bank NV 1,408,357   0.3
174,457   ING Groep NV 1,134,251   0.2
88,500   Koninklijke Ahold Delhaize NV 2,243,822   0.4
320,997   Koninklijke KPN NV 784,636   0.1
40,634   Royal Dutch Shell PLC - Class A 643,154   0.1
79,555   Unilever NV 4,111,238   0.7
      10,325,458   1.8
         
    New Zealand: 0.1%
261,646   Spark New Zealand Ltd. 719,256   0.1
         
    Norway: 0.2%
120,688   Orkla ASA 1,083,988   0.2
         
    Singapore: 0.6%
697,800   ComfortDelgro Corp., Ltd. 712,917   0.1
1,238,100   Genting Singapore Ltd. 689,893   0.1
203,000   SATS Ltd. 383,278   0.1
226,600   Singapore Exchange Ltd. 1,331,302   0.3
      3,117,390   0.6
         
    Spain: 1.6%
10,894 (1),(2) Aena SME SA 1,550,309   0.3
7,163   Amadeus IT Group SA 374,563   0.1
87,652   Enagas 1,975,651   0.3
124,575   Ferrovial SA - FERE 3,394,895   0.6
52,084   Red Electrica Corp. SA 917,103   0.2
117,563 (1) Telefonica S.A. 550,512   0.1
      8,763,033   1.6
         
    Sweden: 0.3%
13,637   Swedish Match AB 951,768   0.2
73,606   Telefonaktiebolaget LM Ericsson 674,036   0.1
      1,625,804   0.3
         
    Switzerland: 3.2%
16,842   LafargeHolcim Ltd.-CHF 702,236   0.2
53,002   Nestle SA 5,754,801   1.0
21,283   Roche Holding AG 7,387,793   1.3
12,444   Zurich Insurance Group AG   4,026,901   0.7
      17,871,731   3.2
         
    United Kingdom: 3.6%
236,470 (2) Auto Trader Group PLC 1,643,655   0.3
354,729   Aviva PLC 1,094,170   0.2
808,054   BT Group PLC 1,163,369   0.2
117,520   Compass Group PLC 1,722,765   0.3
439,280   Direct Line Insurance Group PLC 1,438,929   0.3
255,614   Evraz PLC 895,641   0.2
230,808   GlaxoSmithKline PLC 4,780,645   0.8
99,127   Persimmon PLC 2,827,483   0.5
337,540   Royal Bank of Scotland Group PLC 461,710   0.1
198,204   Sage Group PLC/The 1,699,625   0.3
61,686   Smith & Nephew PLC 1,258,484   0.2
840,653   Vodafone Group PLC 1,382,448   0.2
      20,368,924   3.6
         
    United States: 61.6%
69,377   AbbVie, Inc. 6,429,167   1.1
9,671   Accenture PLC 1,949,867   0.4
78,701   Aflac, Inc. 2,870,225   0.5
21,109   Air Products & Chemicals, Inc. 5,100,990   0.9
16,166   Allison Transmission Holdings, Inc. 609,782   0.1
24,203   Allstate Corp. 2,367,295   0.4
98,198   Altria Group, Inc. 3,834,632   0.7
36,855   Ameren Corp. 2,754,174   0.5
17,940   American Water Works Co., Inc. 2,278,380   0.4
25,698   Amgen, Inc. 5,902,831   1.1
3,910   Anthem, Inc. 1,149,970   0.2
108,411   Apple Hospitality REIT, Inc. 1,106,876   0.2
188,454   AT&T, Inc. 5,815,690   1.0
22,345   Avnet, Inc. 608,678   0.1
73,204   Bank of America Corp. 1,765,681   0.3
48,752   Booz Allen Hamilton Holding Corp. 3,888,460   0.7
93,900   Bristol-Myers Squibb Co. 5,607,708   1.0
28,334   Broadridge Financial Solutions, Inc. ADR 3,431,247   0.6
6,568   Camden Property Trust 601,432   0.1
4,425   Carlisle Cos., Inc. 530,381   0.1
29,997   CDK Global, Inc. 1,179,182   0.2
8,305   CDW Corp. 921,108   0.2
3,991   Chemed Corp. 1,909,733   0.3
50,372   Chevron Corp. 4,619,112   0.8
53,334   Cinemark Holdings, Inc. 801,610   0.1
134,041   Cisco Systems, Inc. 6,409,841   1.1
9,534   Citigroup, Inc. 456,774   0.1
28,271   Citrix Systems, Inc. 4,187,501   0.8
55,767   CMS Energy Corp. 3,266,831   0.6
15,164   Cognizant Technology Solutions Corp. 803,692   0.1
9,703   Colgate-Palmolive Co. 701,818   0.1
11,814   Columbia Sportswear Co. 863,131   0.2
11,574   Comcast Corp. – Class A 458,330   0.1
30,587   Comerica, Inc. 1,111,837   0.2

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited) (Continued)

 

Shares       Value Percentage
of Net
Assets
COMMON STOCK: (continued)
    United States: (continued)
72,915   CoreCivic, Inc. $   877,167   0.2
31,755   Corporate Office Properties Trust SBI MD 792,922   0.1
10,685   CSX Corp. 764,832   0.1
47,765   Dolby Laboratories, Inc. 2,900,768   0.5
20,597   DTE Energy Co. 2,215,619   0.4
23,975   Eaton Corp. PLC 2,035,478   0.4
10,598   Encompass Health Corp. 776,304   0.1
3,924   Everest Re Group Ltd. 778,561   0.1
48,610   Evergy, Inc. 2,998,751   0.5
18,557   Exelon Corp. 710,919   0.1
28,181   Expedia Group, Inc. 2,239,826   0.4
188,098   Extended Stay America, Inc. 2,163,127   0.4
7,186   Federal Realty Investment Trust 574,233   0.1
26,052   Fidelity National Financial, Inc. 831,059   0.2
53,567   Flir Systems, Inc. 2,474,795   0.4
40,894   Flowers Foods, Inc. 964,689   0.2
68,498   Gaming and Leisure Properties, Inc. 2,365,921   0.4
73,723   General Mills, Inc. 4,647,498   0.8
26,091   General Motors Co. 675,235   0.1
87,832   Geo Group, Inc./The 1,052,227   0.2
15,501   Gilead Sciences, Inc. 1,206,443   0.2
18,997   Hanover Insurance Group, Inc. 1,906,349   0.3
62,015   Hartford Financial Services Group, Inc. 2,374,554   0.4
8,568   HCA Healthcare, Inc. 915,919   0.2
27,121   Hershey Co. 3,679,777   0.7
31,237   Honeywell International, Inc. 4,555,916   0.8
1,301   Humana, Inc. 534,256   0.1
103,798   Intel Corp. 6,532,008   1.2
38,361   International Business Machines Corp. 4,791,289   0.9
20,189   Intuit, Inc. 5,861,271   1.0
74,198   Jabil, Inc. 2,220,004   0.4
22,325   Jack Henry & Associates, Inc. 4,037,700   0.7
64,592   Johnson & Johnson 9,608,060   1.7
44,543   JPMorgan Chase & Co. 4,334,479   0.8
117,310   Juniper Networks, Inc. 2,845,941   0.5
6,984   Kansas City Southern 1,051,232   0.2
25,049   Kimberly-Clark Corp. 3,542,931   0.6
34,541   Kohl's Corp. 663,878   0.1
12,747   Lamar Advertising Co. 845,126   0.2
41,682   Leidos Holdings, Inc. 4,388,698   0.8
12,746   Life Storage, Inc. 1,242,480   0.2
7,696   Lockheed Martin Corp. 2,989,434   0.5
60,545   Maxim Integrated Products 3,492,236   0.6
59,136   MAXIMUS, Inc. 4,258,975   0.8
20,904   McDonald's Corp. 3,894,833   0.7
84,452   Merck & Co., Inc. 6,816,965   1.2
55,088   MGIC Investment Corp. 452,273   0.1
126,271   Microsoft Corp. 23,139,161   4.1
7,316   Motorola Solutions, Inc. 990,074   0.2
66,533   National Instruments Corp. 2,576,158   0.5
33,251   OGE Energy Corp. 1,041,421   0.2
120,544   Old Republic International Corp.   1,879,281   0.3
42,201   Omnicom Group 2,312,193   0.4
103,549   Oracle Corp. 5,567,830   1.0
34,886   Outfront Media, Inc. 489,799   0.1
46,796   Paychex, Inc. 3,382,415   0.6
46,137   PepsiCo, Inc. 6,069,322   1.1
191,168   Pfizer, Inc. 7,300,706   1.3
56,209   Philip Morris International, Inc. 4,123,492   0.7
36,855   Phillips 66 2,884,272   0.5
14,370   Pinnacle West Capital Corp. 1,119,423   0.2
29,642   Popular, Inc. 1,170,563   0.2
55,912   Procter & Gamble Co. 6,481,319   1.2
10,785   Public Storage, Inc. 2,186,551   0.4
19,444   Qualcomm, Inc. 1,572,631   0.3
38,182   Quest Diagnostics, Inc. 4,516,167   0.8
13,341   Reliance Steel & Aluminum Co. 1,294,077   0.2
51,661   Republic Services, Inc. 4,414,949   0.8
106,013   Retail Properties of America, Inc. 574,590   0.1
1,940   Roper Technologies, Inc. 763,972   0.1
73,547   Santander Consumer USA Holdings, Inc. 1,215,732   0.2
89,911   Service Corp. International 3,545,191   0.6
61,590   Silgan Holdings, Inc. 2,059,570   0.4
18,479   Simon Property Group, Inc. 1,066,238   0.2
30,403   Sonoco Products Co. 1,575,179   0.3
37,393   Southern Co. 2,134,019   0.4
55,893   Switch, Inc. 1,068,115   0.2
30,264   Synchrony Financial 616,478   0.1
21,786   Target Corp. 2,665,081   0.5
41,045   Texas Instruments, Inc. 4,873,683   0.9
39,668   Tyson Foods, Inc. 2,437,202   0.4
269,832   Valvoline, Inc. 4,951,417   0.9
53,246   Verizon Communications, Inc. 3,055,256   0.5
38,815   Waste Management, Inc. 4,143,501   0.7
104,344   Wells Fargo & Co. 2,761,986   0.5
136,567   Western Union Co. 2,734,071   0.5
146,558   Williams Cos., Inc. 2,994,180   0.5
50,771   Xerox Holdings Corp. 806,243   0.1
35,466   Yum! Brands, Inc. 3,182,364   0.6
16,644   Zions Bancorp NA 547,671   0.1
31,198   Zoetis, Inc. 4,348,689   0.8
      346,809,156   61.6
         
  Total Common Stock      
  (Cost $577,315,482) 556,024,946   98.8
       
EXCHANGE-TRADED FUNDS: 0.3%
7,580   iShares MSCI EAFE ETF 452,071   0.1

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited) (Continued)

 

Shares       Value Percentage
of Net
Assets
COMMON STOCK: (continued)
    United States: (continued)
3,023   SPDR S&P 500 ETF Trust $   919,960   0.2
         
  Total Exchange-Traded Funds      
  (Cost $1,532,551) 1,372,031   0.3
       
       
  Total Investments in Securities
(Cost $578,848,033)
$   557,396,977     99.1
  Assets in Excess of Other Liabilities 5,283,465     0.9
  Net Assets $   562,680,442     100.0

 

ADR American Depositary Receipt
(1) Non-income producing security.
(2) Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

 

Sector Diversification Percentage
of Net Assets
Information Technology 24.1%
Health Care 16.2 
Consumer Staples 10.9 
Financials 10.8 
Industrials 10.2 
Communication Services 6.4 
Consumer Discretionary 5.5 
Utilities 5.3 
Materials 4.8 
Real Estate 2.6 
Energy 2.0 
Exchange-Traded Funds 0.3 
Assets in Excess of Other Liabilities 0.9
Net Assets 100.0%

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2020 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, 2020
 
Asset Table                    
Investments, at fair value                               
Common Stock                    
  Australia  $   $17,501,311   $   $17,501,311 
  Belgium       3,688,601        3,688,601 
  Canada   24,234,431            24,234,431 
  China       1,718,135        1,718,135 
  Denmark       8,922,045        8,922,045 
  Finland       4,474,476        4,474,476 
  France       7,467,475        7,467,475 
  Germany       5,447,423        5,447,423 
  Guernsey   4,337,094            4,337,094 
  Hong Kong       7,598,085        7,598,085 
  Ireland   6,215,568            6,215,568 
  Israel       1,388,076        1,388,076 

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited) (Continued)

 

   Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
   Significant
Other
Observable
Inputs#
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
   Fair Value
at
May 31, 2020
 
  Italy  $   $3,929,641   $              –   $3,929,641 
  Japan       48,417,845        48,417,845 
  Netherlands       10,325,458        10,325,458 
  New Zealand       719,256        719,256 
  Norway       1,083,988        1,083,988 
  Singapore       3,117,390        3,117,390 
  Spain   1,550,309    7,212,724        8,763,033 
  Sweden       1,625,804        1,625,804 
  Switzerland       17,871,731        17,871,731 
  United Kingdom       20,368,924        20,368,924 
  United States   346,809,156            346,809,156 
Total Common Stock   383,146,558    172,878,388        556,024,946 
Exchange-Traded Funds   1,372,031            1,372,031 
Total Investments, at fair value  $384,518,589   $172,878,388   $   $557,396,977 
Other Financial Instruments+                    
Forward Foreign Currency Contracts       237,996        237,996 
Total Assets  $384,518,589   $173,116,384   $   $557,634,973 
Liabilities Table                    
Other Financial Instruments+                    
Forward Foreign Currency Contracts  $   $(755,373)  $   $(755,373)
Written Options       (14,970,859)       (14,970,859)
Total Liabilities  $   $(15,726,232)  $   $(15,726,232)

 

+ 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 May 31, 2020, 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 8,627,933 CHF 8,200,000   Morgan Stanley & Co. International PLC 06/30/20   $ 95,463  
USD 23,239,443 JPY 2,500,000,000   Morgan Stanley & Co. International PLC 06/30/20   48,523  
USD 7,404,612 AUD 12,000,000   State Street Bank and Trust Co. 06/30/20   (594,201)
USD 10,056,045 GBP 8,100,000   State Street Bank and Trust Co. 06/30/20   51,318  
USD 20,146,060 EUR 18,100,000   The Bank of New York Mellon 06/30/20   42,692  
USD 9,280,862 CAD 13,000,000   The Bank of New York Mellon 06/30/20       (161,172)
            $   (517,377)

 

At May 31, 2020, the following OTC written equity options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:  

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2020 (Unaudited) (Continued)

 

Description Counterparty Put/Call Expiration
Date
Exercise
Price
Number of
Contracts
Notional Amount Premiums
Received
Fair Value
         
EURO STOXX 50® Index BNP Paribas Call 07/02/20 EUR 2,934.520 7,606   EUR 23,199,821 $ 621,638   $ (1,445,679)
FTSE 100 Index Morgan Stanley & Co. International PLC Call 07/02/20 GBP 6,053.210 4,705   GBP 28,590,403 872,090   (1,249,065)
Nikkei 225 Index Morgan Stanley & Co. International PLC Call 06/05/20 JPY 19,647.240 152,474   JPY 3,335,809,400 896,905    (3,163,840)
S&P 500® Index UBS AG Call 06/05/20 USD 2,868.350 21,621   USD 65,821,026 1,991,863   (3,941,688)
S&P 500® Index UBS AG Call 06/19/20 USD 2,959.100 32,357   USD 98,504,739 2,483,749   (3,967,393)
S&P 500® Index Barclays Bank PLC Call 07/02/20 USD 2,985.000 9,677   USD 29,459,788 763,904     (1,203,194)
          $ 7,630,149   $ (14,970,859)

 

Currency Abbreviations
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
EUR - EU Euro
GBP - British Pound
JPY - Japanese Yen
USD - United States Dollar

 

At May 31, 2020, 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 $570,968,766.  
  Net unrealized depreciation consisted of:      
  Gross Unrealized Appreciation $   49,125,967        
  Gross Unrealized Depreciation (77,985,817)      
  Net Unrealized Depreciation $   (28,859,850)