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: 811-21786

 

Voya Global Advantage 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: November 30, 2017

 

 

 

 

 

Item 1. Schedule of Investments

 

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

 

Voya Global Advantage and Premium Opportunity Fund

 

The schedules are not audited.

 

 

 

 

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2017 (Unaudited)

 

Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: 97.1%          
       Australia: 4.4%          
38,611      AGL Energy Ltd.  $732,107    0.3 
884,323      Charter Hall Group   4,232,756    1.9 
340,926      Qantas Airways Ltd.   1,470,809    0.6 
65,070      Rio Tinto Ltd.   3,516,344    1.6 
           9,952,016    4.4 
                  
       Austria: 2.7%          
30,820   (1)  Erste Group Bank AG   1,348,985    0.6 
76,814   (1)  OMV AG   4,782,848    2.1 
           6,131,833    2.7 
                  
       Belgium: 0.7%          
48,995      bpost SA   1,513,305    0.7 
                  
       Canada: 3.4%          
21,803      Bank of Nova Scotia   1,377,485    0.6 
52,866      National Bank Of Canada   2,604,885    1.2 
63,031      Toronto-Dominion Bank   3,578,181    1.6 
           7,560,551    3.4 
                  
       Denmark: 0.6%          
33,287      Danske Bank A/S   1,242,635    0.6 
                  
       Finland: 0.2%          
10,026      Elisa OYJ   407,723    0.2 
                  
       France: 1.3%          
5,225      Cie Generale des Etablissements Michelin   757,654    0.4 
7,146      LVMH Moet Hennessy Louis Vuitton SE   2,081,711    0.9 
           2,839,365    1.3 
                  
       Germany: 1.4%          
13,413   (2)  Covestro AG   1,396,906    0.6 
17,059      Evonik Industries AG   637,063    0.3 
11,215      LEG Immobilien AG   1,193,208    0.5 
           3,227,177    1.4 
                  
       Hong Kong: 2.1%          
266,551      CLP Holdings Ltd.   2,718,359    1.2 
107,000      Hang Lung Group Ltd.   384,967    0.2 
198,407      Hang Lung Properties Ltd.   469,313    0.2 
91,513   (1)  I-CABLE Communications Ltd.   2,621    0.0 
1,168,500   (2)  WH Group Ltd.   1,244,589    0.5 
           4,819,849    2.1 
                  
       Italy: 0.3%          
111,280      Enel S.p.A.   722,987    0.3 
                  
       Japan: 8.3%          
7,700      Denso Corp.   434,709    0.2 
114,300      Itochu Corp.   1,986,949    0.9 
123,000      Kajima Corp.   1,295,249    0.6 
19,300      Kirin Holdings Co., Ltd.   451,752    0.2 
92,800      Nippon Telegraph & Telephone Corp.   4,844,533    2.1 
198,500      Obayashi Corp.   2,576,954    1.1 
Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)          
       Japan: (continued)          
20,000      Ono Pharmaceutical Co., Ltd.  $456,622    0.2 
82,100      Taisei Corp.   4,324,248    1.9 
19,600      Takeda Pharmaceutical Co., Ltd.   1,081,255    0.5 
21,200      Toyota Motor Corp.   1,338,686    0.6 
           18,790,957    8.3 
                  
       Netherlands: 3.8%          
14,625   (2)  ABN AMRO Group NV   433,477    0.2 
74,648      ASR Nederland NV   3,040,233    1.3 
68,694      ING Groep NV   1,241,315    0.5 
28,599      Koninklijke DSM NV   2,674,924    1.2 
341,648      Koninklijke KPN NV   1,252,494    0.6 
           8,642,443    3.8 
                  
       Norway: 1.0%          
26,408      Marine Harvest   465,777    0.2 
207,813      Norsk Hydro ASA   1,413,446    0.6 
9,713      Yara International ASA   431,715    0.2 
           2,310,938    1.0 
                  
       Singapore: 2.4%          
278,000      United Overseas Bank Ltd.   5,414,539    2.4 
                  
       Sweden: 0.4%          
12,570      Boliden AB   397,908    0.2 
32,606      Com Hem Holding AB   487,671    0.2 
           885,579    0.4 
                  
       Switzerland: 4.7%          
48,982      Cie Financiere Richemont SA   4,221,468    1.9 
6,711      Partners Group   4,621,828    2.0 
6,124      Zurich Insurance Group AG   1,853,499    0.8 
           10,696,795    4.7 
                  
       United Kingdom: 4.6%  
117,067      Barratt Developments PLC   960,182    0.4 
10,198      Berkeley Group Holdings PLC   526,501    0.2 
19,462      Imperial Brands PLC   806,682    0.4 
112,099      International Consolidated Airlines Group SA   925,276    0.4 
25,925      National Grid PLC   310,432    0.1 
14,268      Persimmon PLC   490,068    0.2 
10,087      Randgold Resources Ltd.   925,196    0.4 
27,798      Rio Tinto PLC   1,316,078    0.6 
22,924      SSE PLC   423,574    0.2 
175,120      Tate & Lyle PLC   1,593,335    0.7 
302,459      Taylor Wimpey PLC   800,147    0.4 
7,325      Unilever PLC   413,188    0.2 
154,431      Vodafone Group PLC   468,245    0.2 
132,943      WM Morrison Supermarkets PLC   388,888    0.2 
           10,347,792    4.6 

 

 

 

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2017 (Unaudited)(Continued)

 

Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)          
       United States: 54.8%          
57,124      AbbVie, Inc.  $5,536,458    2.4 
20,899      Aflac, Inc.   1,831,588    0.8 
56,566      AGNC Investment Corp.   1,125,663    0.5 
5,598   (1)  Alphabet, Inc. - Class A   5,800,480    2.6 
1,738   (1)  Alphabet, Inc. - Class C   1,775,211    0.8 
6,993      Altria Group, Inc.   474,335    0.2 
7,471      Ameriprise Financial, Inc.   1,219,491    0.5 
13,506      Analog Devices, Inc.   1,163,002    0.5 
11,818      Andeavor   1,246,445    0.6 
13,288      Apple, Inc.   2,283,543    1.0 
37,410      Avangrid, Inc.   1,985,349    0.9 
78,872      Bank of America Corp.   2,221,824    1.0 
81,630      Best Buy Co., Inc.   4,865,964    2.1 
12,272   (1)  Biogen, Inc.   3,953,670    1.7 
25,217      CA, Inc.   833,926    0.4 
7,888      CBS Corp. - Class B   442,201    0.2 
13,250      Cisco Systems, Inc.   494,225    0.2 
24,418      Citigroup, Inc.   1,843,559    0.8 
115,837      Comcast Corp. – Class A   4,348,521    1.9 
116,777      Corning, Inc.   3,782,407    1.7 
14,705      Cummins, Inc.   2,461,617    1.1 
54,386      CVS Health Corp.   4,165,968    1.8 
11,178      Deluxe Corp.   794,756    0.4 
37,095      Discover Financial Services   2,618,907    1.2 
59,989      Eaton Corp. PLC   4,665,945    2.1 
12,991      Eli Lilly & Co.   1,099,558    0.5 
69,433      Eversource Energy   4,502,730    2.0 
8,464      Garmin Ltd.   525,445    0.2 
46,667      Gilead Sciences, Inc.   3,489,758    1.5 
107,251      Intel Corp.   4,809,135    2.1 
32,882      Interpublic Group of Cos., Inc.   650,406    0.3 
37,605      KLA-Tencor Corp.   3,844,735    1.7 
4,119      Lam Research Corp.   792,207    0.3 
4,864      Lear Corp.   879,849    0.4 
5,989      Lincoln National Corp.   458,458    0.2 
6,072      Manpowergroup, Inc.   782,681    0.3 
108,765      Microsoft Corp.   9,154,750    4.0 
19,594      Mosaic Co.   475,938    0.2 
3,539      PNC Financial Services Group, Inc.   497,442    0.2 
50,082      Principal Financial Group, Inc.   3,545,305    1.6 
4,042      Prudential Financial, Inc.   468,225    0.2 
8,298      T. Rowe Price Group, Inc.   854,030    0.4 
7,238      Texas Instruments, Inc.   704,185    0.3 
55,529      Tyson Foods, Inc.   4,567,260    2.0 
8,282      Union Pacific Corp.   1,047,673    0.5 
21,555   (1)  United Rentals, Inc.   3,437,591    1.5 
29,408      UnitedHealth Group, Inc.   6,710,023    3.0 
11,296      Unum Group   639,580    0.3 
45,510      US Bancorp   2,509,877    1.1 
49,353      Valero Energy Corp.   4,225,604    1.9 
Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)          
       United States: (continued)  
21,036      VF Corp.  $1,534,787    0.7 
           124,142,287    54.8 
                  
    Total Common Stock          
    (Cost $182,145,483)   219,648,771    97.1 
                  
SHORT-TERM INVESTMENTS: 2.4%          
       Mutual Funds: 2.4%  
5,524,104   (3)  BlackRock Liquidity Funds, FedFund, Institutional Class, 0.960%          
       (Cost $5,524,104)   5,524,104    2.4 
                  
    Total Short-Term Investments          
    (Cost $5,524,104)   5,524,104    2.4 
                  
    Total Investments in Securities
(Cost $187,669,587)		  $225,172,875    99.5 
    Assets in Excess of Other Liabilities   1,223,775    0.5 
    Net Assets  $226,396,650    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 November 30, 2017.

 

Sector Diversification  Percentage
of Net Assets		 
Financials   20.6%
Information Technology   15.6 
Industrials   12.1 
Consumer Discretionary   11.0 
Health Care   9.8 
Consumer Staples   6.4 
Materials   5.9 
Utilities   5.0 
Energy   4.6 
Telecommunication Services   3.3 
Real Estate   2.8 
Short-Term Investments   2.4 
Assets in Excess of Other Liabilities   0.5 
Net Assets   100.0%

  

 

 

 

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2017 (Unaudited)(Continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of November 30, 2017 in valuing the assets and liabilities:(1)

 

   Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)		   Significant
Other
Observable
Inputs#
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Fair Value
at
November 30,
2017		 
Asset Table                    
Investments, at fair value                    
Common Stock                    
Australia  $–   $9,952,016   $–   $9,952,016 
Austria   –    6,131,833    –    6,131,833 
Belgium   –    1,513,305    –    1,513,305 
Canada   7,560,551    –    –    7,560,551 
Denmark   –    1,242,635    –    1,242,635 
Finland   –    407,723    –    407,723 
France   –    2,839,365    –    2,839,365 
Germany   –    3,227,177    –    3,227,177 
Hong Kong   2,718,359    2,101,490    –    4,819,849 
Italy   –    722,987    –    722,987 
Japan   –    18,790,957    –    18,790,957 
Netherlands   –    8,642,443    –    8,642,443 
Norway   –    2,310,938    –    2,310,938 
Singapore   –    5,414,539    –    5,414,539 
Sweden   487,671    397,908    –    885,579 
Switzerland   –    10,696,795    –    10,696,795 
United Kingdom   388,888    9,958,904    –    10,347,792 
United States   124,142,287    –    –    124,142,287 
Total Common Stock   135,297,756    84,351,015    –    219,648,771 
Short-Term Investments   5,524,104    –    –    5,524,104 
Total Investments, at fair value  $140,821,860   $84,351,015   $–   $225,172,875 
Other Financial Instruments+                    
Forward Foreign Currency Contracts   –    293,455    –    293,455 
Futures   63,174    –    –    63,174 
Total Assets  $140,885,034   $84,644,470   $–   $225,529,504 
Liabilities Table                    
Other Financial Instruments+                    
Forward Foreign Currency Contracts  $–   $(240,335)  $–   $(240,335)
Futures   (145,012)   –    –    (145,012)
Written Options   –    (2,055,108)   –    (2,055,108)
Total Liabilities  $(145,012)  $(2,295,443)  $–   $(2,440,455)

 

(1) For the period ended November 30, 2017, as a result of the fair value pricing procedures for international equities utilized by the Fund certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund's policy is to recognize transfers between levels at the beginning of the reporting period. At November 30, 2017, securities valued at $3,773,957 were transferred from Level 2 to Level 1 within the fair value hierarchy.
+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 November 30, 2017, the following forward foreign currency contracts were outstanding for Voya Global Advantage and Premium Opportunity Fund:

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation
(Depreciation)		 
USD 4,854,138    HKD 37,865,247    Societe Generale  12/29/17  $4,349 
USD 7,680,880    CAD 9,840,405    Societe Generale  12/29/17   50,046 
USD 9,422,885    GBP 7,094,835    Societe Generale  12/29/17   (183,057)
USD 10,674,834    CHF 10,481,821    Societe Generale  12/29/17   (6,473)
USD 19,036,545    JPY 2,118,354,015    Societe Generale  12/29/17   184,393 
USD 24,391,996    EUR 20,496,518    Societe Generale  12/29/17   (50,054)
USD 5,336,430    SGD 7,180,113    Societe Generale  12/29/17   11,780 
USD 9,908,634    AUD 13,044,573    Societe Generale  12/29/17   42,887 

 

 

 

 

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2017 (Unaudited)(Continued)

 

           Settlement Date  Unrealized
Appreciation
(Depreciation)		 
USD119,687   EUR100,885   Societe Generale  12/29/17  $(618)
USD114,369   GBP84,902   Societe Generale  12/29/17   (133)
                $53,120 

 

At November 30, 2017, the following futures contracts were outstanding for Voya Global Advantage and Premium Opportunity Fund:

 

Contract Description  Number
of Contracts		   Expiration
Date		  Notional
Value		   Unrealized
Appreciation/
(Depreciation)		 
Long Contracts                  
EURO STOXX 50® Index   104   12/15/17  $4,422,872   $(60,904)
FTSE 100 Index   19   12/15/17   1,883,221    (21,706)
Nikkei 225 Index   44   12/07/17   4,444,178    63,174 
           $10,750,271   $(19,436)
Short Contracts                  
S&P 500 E-Mini   (41)  12/15/17   (5,428,195)   (62,402)
           $(5,428,195)  $(62,402)

 

At November 30, 2017, the following OTC written equity options were outstanding for Voya Global Advantage 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  BNP Paribas S.A.  Call  12/15/17   3,684.283   EUR   700    2,498,951   $30,225   $(2,129)
EURO STOXX 50® Index  Societe Generale  Call  01/05/18   3,598.150   EUR   700    2,498,951    34,969    (29,528)
EURO STOXX 50® Index  Societe Generale  Call  12/01/17   3,635.210   EUR   700    2,498,951    27,892    (89)
FTSE 100 Index  Morgan Stanley & Co. International PLC  Call  01/05/18   7,416.610   GBP   700    5,128,669    57,320    (38,720)
FTSE 100 Index  Societe Generale  Call  12/15/17   7,539.042   GBP   700    5,128,669    53,573    (5,088)
FTSE 100 Index  Societe Generale  Call  12/01/17   7,566.260   GBP   700    5,128,669    49,236    (1)
Nikkei 225 Index  Morgan Stanley & Co. International PLC  Call  12/01/17   21,747.510   JPY   22,600    513,584,096    50,458    (196,463)
Nikkei 225 Index  Morgan Stanley & Co. International PLC  Call  01/05/18   22,864.280   JPY   21,900    497,676,624    73,712    (71,131)
Nikkei 225 Index  Societe Generale  Call  12/15/17   113.960   JPY   22,200    504,494,112    58,132    (106,706)
S&P 500 Index  Morgan Stanley & Co. International PLC  Call  12/01/17   2,581.650   USD   9,100    24,092,978    133,115    (590,733)
S&P 500 Index  Morgan Stanley & Co. International PLC  Call  12/15/17   2,598.120   USD   9,100    24,092,978    171,224    (471,710)
S&P 500 Index  Morgan Stanley & Co. International PLC  Call  01/05/18   2,603.720   USD   9,100    24,092,978    188,447    (542,810)
                              $928,303   $(2,055,108)

 

Currency Abbreviations
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
EUR - EU Euro
GBP - British Pound
HKD - Hong Kong Sar Dollar

 

 

 

 

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2017 (Unaudited)(Continued)

 

JPY - Japanese Yen
SGD - Singapore Dollar
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 November 30, 2017 was as follows:

 

   Fair Value 
Derivatives not accounted for as hedging instruments     
         
Asset Derivatives  Instrument Type     
Foreign exchange contracts  Forward foreign currency contracts  $293,455 
Equity contracts  Futures contracts   63,174 
Total Asset Derivatives     $356,629 
         
Liability Derivatives  Instrument Type     
Foreign exchange contracts  Forward foreign currency contracts  $240,335 
Equity contracts  Futures contracts   145,012 
Equity contracts  Written options   2,055,108 
Total Liability Derivatives     $2,440,455 

 

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 November 30, 2017:

 

   BNP Paribas S.A.   Morgan Stanley & Co. International PLC   Societe Generale   Totals 
Assets:                    
Forward foreign currency contracts  $-   $-   $293,455   $293,455 
Total Assets  $-   $-   $293,455   $293,455 
                     
Liabilities:                    
Forward foreign currency contracts  $-   $-   $240,335   $240,335 
Written options   2,129    1,911,567    141,412    2,055,108 
Total Liabilities  $2,129   $1,911,567   $381,747   $2,295,443 
                     
Net OTC derivative instruments by counterparty, at fair value  $(2,129)  $(1,911,567)  $(88,292)   (2,001,988)
                     
Total collateral pledged by the Fund/(Received from counterparty)  $-   $1,440,000   $88,292   $1,528,292 
                     
Net Exposure(1)(2)  $(2,129)  $(471,567)  $-   $(473,696)

 

(1)Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund.
(2)At November 30, 2017, the Fund had pledged $1,650,000 in cash collateral to Societe Generale. Excess cash collateral is not shown for financial reporting purposes.

 

At November 30, 2017, 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 $187,736,166.

 

Net unrealized appreciation consisted of:

 

Gross Unrealized Appreciation  $40,250,844 
Gross Unrealized Depreciation   (3,894,874)
      
Net Unrealized Appreciation  $36,355,970 

 

 

 

 

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 Advantage and Premium Opportunity Fund

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: January 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/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: January 26, 2018  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: January 26, 2018