What are the tax implications of these distributions for both U.S. and international investors, and how might that influence demand?

Tax considerations – For U.S. investors the distributions from Voya’s closed‑end funds will be split between qualified‑dividend/foreign‑tax‑credit portions (taxed at the 0‑15‑20 % rates depending on the investor’s ordinary‑income bracket) and any non‑qualified or return‑of‑capital (ROC) portion that is taxed at ordinary income rates or simply reduces the fund’s cost basis. Because the funds hold a mix of global equities, a portion of the payout will be treated as “foreign‑source” dividends and may be eligible for a foreign‑tax credit, which can offset the U.S. liability. International investors, on the other hand, are subject to the statutory U.S. withholding tax (30 % on dividends and 15 % on gross‑proceeds of certain capital gains) unless reduced by a tax treaty. Many non‑U.S. domiciled investors also cannot claim the U.S. foreign‑tax credit, so the net after‑tax yield they receive can be materially lower than the headline distribution yield.

Demand implications – The higher after‑tax yield for U.S. qualified‑dividend investors makes the funds attractive to income‑focused buyers, especially in a low‑rate environment, and can tighten the discount to NAV as demand for the “tax‑efficient” share class rises. Conversely, the elevated withholding for non‑U.S. holders dampens the appeal of the same distribution, potentially keeping the funds’ discount wider for international accounts unless the underlying assets deliver strong capital‑appreciation prospects. Traders can exploit this split‑tax arbitrage: buy the CEFs before the ex‑distribution date if trading at a material discount to NAV, and consider shorting the premium‑priced shares in markets where foreign investors dominate and withholding diminishes net yield. Monitoring the funds’ ROC component (which inflates the discount) and any upcoming changes in treaty rates (e.g., U.S.–Canada, U.S.–UK) will help fine‑tune entry points and risk management.