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: May 31, 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 May 31, 2017 (Unaudited) |
| Shares | Value | Percentage of Net Assets | ||||||||||
| COMMON STOCK: 97.4% | ||||||||||||
| Australia: 4.4% | ||||||||||||
| 1,005,140 | Charter Hall Group | $ | 4,242,115 | 2.0 | ||||||||
| 658,157 | Fortescue Metals Group Ltd. | 2,366,813 | 1.1 | |||||||||
| 335,625 | Harvey Norman Holdings Ltd. | 940,807 | 0.4 | |||||||||
| 22,394 | Rio Tinto Ltd. | 1,042,651 | 0.5 | |||||||||
| 422,205 | South32 Ltd. | 827,949 | 0.4 | |||||||||
| 9,420,335 | 4.4 | |||||||||||
| Austria: 0.5% | ||||||||||||
| 5,678 | Lenzing AG | 1,017,038 | 0.5 | |||||||||
| Canada: 3.8% | ||||||||||||
| 21,803 | Bank of Nova Scotia | 1,230,207 | 0.6 | |||||||||
| 5,787 | Canadian Imperial Bank of Commerce - XTSE | 452,473 | 0.2 | |||||||||
| 54,130 | National Bank Of Canada | 2,134,986 | 1.0 | |||||||||
| 93,194 | Toronto-Dominion Bank | 4,442,901 | 2.0 | |||||||||
| 8,260,567 | 3.8 | |||||||||||
| Denmark: 0.6% | ||||||||||||
| 33,287 | Danske Bank A/S | 1,246,463 | 0.6 | |||||||||
| Finland: 1.1% | ||||||||||||
| 16,730 | Neste Oyj | 663,859 | 0.3 | |||||||||
| 64,573 | UPM-Kymmene OYJ | 1,819,561 | 0.8 | |||||||||
| 2,483,420 | 1.1 | |||||||||||
| France: 3.4% | ||||||||||||
| 5,225 | Cie Generale des Etablissements Michelin | 660,309 | 0.3 | |||||||||
| 5,653 | LVMH Moet Hennessy Louis Vuitton SE | 1,444,926 | 0.7 | |||||||||
| 97,576 | Total S.A. | 5,154,774 | 2.4 | |||||||||
| 7,260,009 | 3.4 | |||||||||||
| Germany: 1.0% | ||||||||||||
| 5,569 | Muenchener Rueckversicherungs-Gesellschaft AG | 1,099,665 | 0.5 | |||||||||
| 7,456 | Siemens AG | 1,066,353 | 0.5 | |||||||||
| 2,166,018 | 1.0 | |||||||||||
| Hong Kong: 3.4% | ||||||||||||
| 365,551 | CLP Holdings Ltd. | 3,997,363 | 1.9 | |||||||||
| 107,000 | Hang Lung Group Ltd. | 443,448 | 0.2 | |||||||||
| 330,000 | Wharf Holdings Ltd. | 2,803,444 | 1.3 | |||||||||
| 7,244,255 | 3.4 | |||||||||||
| Italy: 0.3% | ||||||||||||
| 111,280 | Enel S.p.A. | 595,729 | 0.3 | |||||||||
| Japan: 8.4% | ||||||||||||
| 32,700 | Astellas Pharma, Inc. | 413,315 | 0.2 | |||||||||
| 37,700 | Hitachi Chemical Co., Ltd. | 1,041,318 | 0.5 | |||||||||
| 117,100 | Itochu Corp. | 1,662,047 | 0.8 | |||||||||
| 77,000 | Kajima Corp. | 591,673 | 0.3 | |||||||||
| 167,200 | Mitsubishi Tanabe Pharma Corp. | 3,718,658 | 1.7 | |||||||||
| Shares | Value | Percentage of Net Assets | ||||||||||
| COMMON STOCK: (continued) | ||||||||||||
| Japan: (continued) | ||||||||||||
| 86,100 | Nippon Telegraph & Telephone Corp. | $ | 4,140,697 | 1.9 | ||||||||
| 22,000 | Recruit Holdings Co. Ltd. | 1,166,103 | 0.5 | |||||||||
| 8,100 | Shimamura Co., Ltd. | 1,040,102 | 0.5 | |||||||||
| 420,000 | Taisei Corp. | 3,587,896 | 1.7 | |||||||||
| 13,900 | Toyota Motor Corp. | 745,937 | 0.3 | |||||||||
| 18,107,746 | 8.4 | |||||||||||
| Netherlands: 3.3% | ||||||||||||
| 74,648 | ASR Nederland NV | 2,394,379 | 1.1 | |||||||||
| 39,484 | ING Groep NV | 662,694 | 0.3 | |||||||||
| 54,480 | Koninklijke DSM NV | 4,059,625 | 1.9 | |||||||||
| 7,116,698 | 3.3 | |||||||||||
| Norway: 0.2% | ||||||||||||
| 26,408 | Marine Harvest | 461,689 | 0.2 | |||||||||
| Singapore: 2.2% | ||||||||||||
| 284,600 | United Overseas Bank Ltd. | 4,724,204 | 2.2 | |||||||||
| Spain: 0.7% | ||||||||||||
| 205,433 | Iberdrola S.A. | 1,640,571 | 0.7 | |||||||||
| Switzerland: 4.4% | ||||||||||||
| 3,920 | @ | Actelion Ltd. | 1,125,146 | 0.5 | ||||||||
| 50,154 | Cie Financiere Richemont SA | 4,196,699 | 1.9 | |||||||||
| 6,872 | Partners Group | 4,213,354 | 2.0 | |||||||||
| 9,535,199 | 4.4 | |||||||||||
| United Kingdom: 5.9% | ||||||||||||
| 62,452 | Barratt Developments PLC | 493,475 | 0.2 | |||||||||
| 70,658 | British American Tobacco PLC | 5,055,033 | 2.4 | |||||||||
| 24,972 | Croda International PLC | 1,277,103 | 0.6 | |||||||||
| 30,248 | Diageo PLC | 909,210 | 0.4 | |||||||||
| 54,888 | National Grid PLC | 770,816 | 0.4 | |||||||||
| 12,170 | Rio Tinto PLC | 485,992 | 0.2 | |||||||||
| 299,358 | Tate & Lyle PLC | 2,845,447 | 1.3 | |||||||||
| 302,459 | Taylor Wimpey PLC | 793,006 | 0.4 | |||||||||
| 12,630,082 | 5.9 | |||||||||||
| United States: 53.8% | ||||||||||||
| 21,399 | Aflac, Inc. | 1,613,057 | 0.7 | |||||||||
| 56,566 | AGNC Investment Corp. | 1,176,007 | 0.5 | |||||||||
| 5,598 | @ | Alphabet, Inc. - Class A | 5,525,730 | 2.6 | ||||||||
| 1,913 | @ | Alphabet, Inc. - Class C | 1,845,777 | 0.9 | ||||||||
| 3,193 | Amgen, Inc. | 495,681 | 0.2 | |||||||||
| 13,506 | Analog Devices, Inc. | 1,158,275 | 0.5 | |||||||||
| 13,606 | Apple, Inc. | 2,078,453 | 1.0 | |||||||||
| 103,750 | AT&T, Inc. | 3,997,487 | 1.9 | |||||||||
| 10,088 | Avangrid, Inc. | 458,298 | 0.2 | |||||||||
| 80,758 | Bank of America Corp. | 1,809,787 | 0.8 | |||||||||
| 85,446 | Best Buy Co., Inc. | 5,074,638 | 2.4 | |||||||||
| 7,626 | @ | Biogen, Inc. | 1,889,494 | 0.9 | ||||||||
| 19,607 | Bristol-Myers Squibb Co. | 1,057,798 | 0.5 | |||||||||
| 9,122 | Bunge Ltd. | 729,486 | 0.3 | |||||||||
| 39,299 | CA, Inc. | 1,248,529 | 0.6 | |||||||||
| 34,563 | @ | Celgene Corp. | 3,954,353 | 1.8 | ||||||||
| 41,495 | Cisco Systems, Inc. | 1,308,337 | 0.6 | |||||||||
| 25,002 | Citigroup, Inc. | 1,513,621 | 0.7 | |||||||||
| Voya Global Advantage and Premium Opportunity Fund |
PORTFOLIO OF INVESTMENTS as of May 31, 2017 (Unaudited)(Continued) |
| Shares | Value | Percentage of Net Assets | ||||||||||
| COMMON STOCK: (continued) | ||||||||||||
| United States: (continued) | ||||||||||||
| 119,570 | Corning, Inc. | $ | 3,479,487 | 1.6 | ||||||||
| 34,683 | CVS Health Corp. | 2,664,695 | 1.2 | |||||||||
| 32,705 | Delta Air Lines, Inc. | 1,606,797 | 0.7 | |||||||||
| 11,178 | Deluxe Corp. | 761,892 | 0.4 | |||||||||
| 56,795 | Discover Financial Services | 3,333,866 | 1.5 | |||||||||
| 13,944 | Dr Pepper Snapple Group, Inc. | 1,294,143 | 0.6 | |||||||||
| 46,621 | Eaton Corp. PLC | 3,607,533 | 1.7 | |||||||||
| 16,532 | Eli Lilly & Co. | 1,315,451 | 0.6 | |||||||||
| 18,323 | Everest Re Group Ltd. | 4,665,952 | 2.2 | |||||||||
| 57,819 | Foot Locker, Inc. | 3,435,027 | 1.6 | |||||||||
| 16,925 | Garmin Ltd. | 880,777 | 0.4 | |||||||||
| 47,783 | Gilead Sciences, Inc. | 3,100,639 | 1.4 | |||||||||
| 15,389 | @ | HCA Healthcare, Inc. | 1,260,513 | 0.6 | ||||||||
| 134,851 | Intel Corp. | 4,869,470 | 2.3 | |||||||||
| 38,504 | KLA-Tencor Corp. | 4,004,416 | 1.9 | |||||||||
| 4,119 | Lam Research Corp. | 639,145 | 0.3 | |||||||||
| 4,864 | Lear Corp. | 724,931 | 0.3 | |||||||||
| 25,429 | Merck & Co., Inc. | 1,655,682 | 0.8 | |||||||||
| 111,367 | Microsoft Corp. | 7,777,871 | 3.6 | |||||||||
| 19,762 | Oneok, Inc. | 981,776 | 0.5 | |||||||||
| 22,993 | Parker Hannifin Corp. | 3,620,708 | 1.7 | |||||||||
| 50,350 | Patterson-UTI Energy, Inc. | 1,073,462 | 0.5 | |||||||||
| 3,539 | PNC Financial Services Group, Inc. | 420,079 | 0.2 | |||||||||
| 3,442 | Reinsurance Group of America, Inc. | 428,563 | 0.2 | |||||||||
| 20,085 | Scripps Networks Interactive - Class A | 1,330,029 | 0.6 | |||||||||
| 20,376 | Southwest Airlines Co. | 1,224,394 | 0.6 | |||||||||
| 34,408 | Sysco Corp. | 1,877,300 | 0.9 | |||||||||
| 7,238 | Texas Instruments, Inc. | 597,063 | 0.3 | |||||||||
| 5,217 | Time Warner, Inc. | 519,039 | 0.2 | |||||||||
| 8,282 | Union Pacific Corp. | 913,505 | 0.4 | |||||||||
| 22,071 | @ | United Rentals, Inc. | 2,399,780 | 1.1 | ||||||||
| 30,463 | UnitedHealth Group, Inc. | 5,336,508 | 2.5 | |||||||||
| 11,296 | Unum Group | 508,094 | 0.2 | |||||||||
| 92,228 | US Bancorp | 4,693,483 | 2.2 | |||||||||
| 23,446 | Valero Energy Corp. | 1,441,226 | 0.7 | |||||||||
| 6,241 | Yum! Brands, Inc. | 453,346 | 0.2 | |||||||||
| 115,831,450 | 53.8 | |||||||||||
| Total Common Stock | ||||||||||||
| (Cost $185,466,125) | 209,741,473 | 97.4 | ||||||||||
| SHORT-TERM INVESTMENTS: 1.5% | ||||||||||||
| Mutual Funds: 1.5% | ||||||||||||
| 3,266,595 | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.680%†† | |||||||||||
| (Cost $3,266,595) | 3,266,595 | 1.5 | ||||||||||
| Total Short-Term Investments | ||||||||||||
| (Cost $3,266,595) | 3,266,595 | 1.5 | ||||||||||
| Total Investments in Securities (Cost $188,732,720) | $ | 213,008,068 | 98.9 | |||||||||
| Assets in Excess of Other Liabilities | 2,359,762 | 1.1 | ||||||||||
| Net Assets | $ | 215,367,830 | 100.0 | |||||||||
| †† | Rate shown is the 7-day yield as of May 31, 2017. |
| @ | Non-income producing security. |
| Cost for federal income tax purposes is $189,044,195. | |
| Net unrealized appreciation consists of: |
| Gross Unrealized Appreciation | $ | 27,960,107 | ||
| Gross Unrealized Depreciation | (3,996,234 | ) | ||
| Net Unrealized Appreciation | $ | 23,963,873 |
| Sector Diversification | Percentage of Net Assets | |||
| Financials | 19.7 | % | ||
| Information Technology | 16.2 | |||
| Health Care | 11.7 | |||
| Industrials | 10.4 | |||
| Consumer Discretionary | 10.4 | |||
| Consumer Staples | 7.3 | |||
| Materials | 6.5 | |||
| Energy | 4.4 | |||
| Telecommunication Services | 3.8 | |||
| Utilities | 3.5 | |||
| Real Estate | 3.5 | |||
| Short-Term Investments | 1.5 | |||
| Assets in Excess of Other Liabilities | 1.1 | |||
| Net Assets | 100.0 | % | ||
| Voya Global Advantage and Premium Opportunity Fund |
PORTFOLIO OF INVESTMENTS as of May 31, 2017 (Unaudited)(Continued) |
| Fair Value Measurements |
| The following is a summary of the fair valuations according to the inputs used as of May 31, 2017 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, 2017 | |||||||||||||
| Asset Table | ||||||||||||||||
| Investments, at fair value | ||||||||||||||||
| Common Stock | ||||||||||||||||
| Australia | $ | – | $ | 9,420,335 | $ | – | $ | 9,420,335 | ||||||||
| Austria | 1,017,038 | – | – | 1,017,038 | ||||||||||||
| Canada | 8,260,567 | – | – | 8,260,567 | ||||||||||||
| Denmark | – | 1,246,463 | – | 1,246,463 | ||||||||||||
| Finland | – | 2,483,420 | – | 2,483,420 | ||||||||||||
| France | – | 7,260,009 | – | 7,260,009 | ||||||||||||
| Germany | – | 2,166,018 | – | 2,166,018 | ||||||||||||
| Hong Kong | – | 7,244,255 | – | 7,244,255 | ||||||||||||
| Italy | – | 595,729 | – | 595,729 | ||||||||||||
| Japan | – | 18,107,746 | – | 18,107,746 | ||||||||||||
| Netherlands | – | 7,116,698 | – | 7,116,698 | ||||||||||||
| Norway | – | 461,689 | – | 461,689 | ||||||||||||
| Singapore | – | 4,724,204 | – | 4,724,204 | ||||||||||||
| Spain | – | 1,640,571 | – | 1,640,571 | ||||||||||||
| Switzerland | 1,125,146 | 8,410,053 | – | 9,535,199 | ||||||||||||
| United Kingdom | – | 12,630,082 | – | 12,630,082 | ||||||||||||
| United States | 115,831,450 | – | – | 115,831,450 | ||||||||||||
| Total Common Stock | 126,234,201 | 83,507,272 | – | 209,741,473 | ||||||||||||
| Short-Term Investments | 3,266,595 | – | – | 3,266,595 | ||||||||||||
| Total Investments, at fair value | $ | 129,500,796 | $ | 83,507,272 | $ | – | $ | 213,008,068 | ||||||||
| Other Financial Instruments+ | ||||||||||||||||
| Forward Foreign Currency Contracts | – | 57,549 | – | 57,549 | ||||||||||||
| Futures | 12,571 | – | – | 12,571 | ||||||||||||
| Total Assets | $ | 129,513,367 | $ | 83,564,821 | $ | – | $ | 213,078,188 | ||||||||
| Liabilities Table | ||||||||||||||||
| Other Financial Instruments+ | ||||||||||||||||
| Forward Foreign Currency Contracts | $ | – | $ | (335,374 | ) | $ | – | $ | (335,374 | ) | ||||||
| Futures | (99,658 | ) | – | – | (99,658 | ) | ||||||||||
| Written Options | – | (1,835,789 | ) | – | (1,835,789 | ) | ||||||||||
| Total Liabilities | $ | (99,658 | ) | $ | (2,171,163 | ) | $ | – | $ | (2,270,821 | ) | |||||
| + | 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 May 31, 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 | 146,564 | JPY | 16,314,489 | Societe Generale | 06/01/17 | $ | (745 | ) | ||||||
| JPY | 16,314,489 | USD | 146,725 | Societe Generale | 06/30/17 | 777 | ||||||||
| EUR | 176,650 | USD | 197,895 | Societe Generale | 06/30/17 | 855 | ||||||||
| USD | 8,254,027 | CAD | 11,100,455 | Societe Generale | 06/30/17 | 32,040 | ||||||||
| USD | 18,083,766 | JPY | 2,009,803,552 | Societe Generale | 06/30/17 | (87,259 | ) | |||||||
| USD | 7,215,398 | HKD | 56,188,200 | Societe Generale | 06/30/17 | (48 | ) | |||||||
| USD | 12,128,090 | GBP | 9,472,987 | Societe Generale | 06/30/17 | (88,783 | ) | |||||||
| USD | 4,906,138 | SGD | 6,779,786 | Societe Generale | 06/30/17 | 4,622 | ||||||||
| USD | 22,421,276 | EUR | 20,020,033 | Societe Generale | 06/30/17 | (103,298 | ) | |||||||
| USD | 9,492,849 | CHF | 9,230,155 | Societe Generale | 06/30/17 | (55,241 | ) | |||||||
| Voya Global Advantage and Premium Opportunity Fund |
PORTFOLIO OF INVESTMENTS as of May 31, 2017 (Unaudited)(Continued) |
| Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||
| USD | 9,671,055 | AUD | 12,995,338 | Societe Generale | 06/30/17 | $ | 19,255 | |||||||
| $ | (277,825 | ) |
| At May 31, 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 | 105 | 06/16/17 | $ | 4,190,847 | $ | 12,571 | ||||||||
| Nikkei 225 Index | 17 | 06/08/17 | 1,509,278 | (7,409 | ) | |||||||||
| $ | 5,700,125 | $ | 5,162 | |||||||||||
| Short Contracts | ||||||||||||||
| FTSE 100 Index | (17 | ) | 06/16/17 | (1,644,518 | ) | (58,392 | ) | |||||||
| S&P 500 E-Mini | (42 | ) | 06/16/17 | (5,063,310 | ) | (33,857 | ) | |||||||
| $ | (6,707,828 | ) | $ | (92,249 | ) | |||||||||
At May 31, 2017, the following over-the-counter written options were outstanding for Voya Global Advantage and Premium Opportunity Fund:
| Notional Amount/Number of Contracts | Counterparty | Description | Exercise Price | Expiration Date | Premiums Received | Fair Value | ||||||||||||||||
| Options on Indices | ||||||||||||||||||||||
| 600 | Morgan Stanley & Co. International PLC | Call on EURO STOXX 50® Index | 3,443.480 | EUR | 06/02/17 | $ | 43,081 | $ | (71,391 | ) | ||||||||||||
| 600 | Societe Generale | Call on EURO STOXX 50® Index | 3,605.780 | EUR | 07/07/17 | 31,554 | (20,074 | ) | ||||||||||||||
| 600 | Societe Generale | Call on EURO STOXX 50® Index | 3,640.040 | EUR | 06/23/17 | 27,678 | (7,795 | ) | ||||||||||||||
| 800 | Morgan Stanley & Co. International PLC | Call on FTSE 100 Index | 7,142.890 | GBP | 06/02/17 | 87,732 | (385,459 | ) | ||||||||||||||
| 800 | Morgan Stanley & Co. International PLC | Call on FTSE 100 Index | 7,435.430 | GBP | 06/23/17 | 70,081 | (136,751 | ) | ||||||||||||||
| 800 | Societe Generale | Call on FTSE 100 Index | 7,532.350 | GBP | 07/07/17 | 73,095 | (96,237 | ) | ||||||||||||||
| 25,000 | Morgan Stanley & Co. International PLC | Call on Nikkei 225 Index | 18,932.310 | JPY | 06/02/17 | 67,009 | (162,419 | ) | ||||||||||||||
| 24,700 | Morgan Stanley & Co. International PLC | Call on Nikkei 225 Index | 19,880.130 | JPY | 07/07/17 | 60,388 | (41,011 | ) | ||||||||||||||
| 25,200 | Societe Generale | Call on Nikkei 225 Index | 20,098.320 | JPY | 06/23/17 | 51,688 | (15,374 | ) | ||||||||||||||
| 9,100 | Morgan Stanley & Co. International PLC | Call on S&P 500 Index | 2,372.830 | USD | 06/02/17 | 196,784 | (356,665 | ) | ||||||||||||||
| 9,200 | Morgan Stanley & Co. International PLC | Call on S&P 500 Index | 2,400.770 | USD | 07/07/17 | 171,667 | (303,211 | ) | ||||||||||||||
| 9,200 | Societe Generale | Call on S&P 500 Index | 2,402.580 | USD | 06/23/17 | 186,761 | (239,402 | ) | ||||||||||||||
| Total Written OTC Options | $ | 1,067,518 | $ | (1,835,789 | ) | |||||||||||||||||
| Currency Abbreviations | ||
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| EUR | - | EU Euro |
| GBP | - | British Pound |
| HKD | - | Hong Kong Sar Dollar |
| JPY | - | Japanese Yen |
| SGD | - | Singapore Dollar |
| USD | - | United States Dollar |
| Voya Global Advantage and Premium Opportunity Fund |
PORTFOLIO OF INVESTMENTS as of May 31, 2017 (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 May 31, 2017 was as follows:
| Fair Value | ||||||
| Derivatives not accounted for as hedging instruments | ||||||
| Asset Derivatives | Instrument Type | |||||
| Foreign exchange contracts | Forward foreign currency contracts | $ | 57,549 | |||
| Equity contracts | Futures contracts | 12,571 | ||||
| Total Asset Derivatives | $ | 70,120 | ||||
| Liability Derivatives | Instrument Type | |||||
| Foreign exchange contracts | Forward foreign currency contracts | $ | 335,374 | |||
| Equity contracts | Futures contracts | 99,658 | ||||
| Equity contracts | Written options | 1,835,789 | ||||
| Total Liability Derivatives | $ | 2,270,821 | ||||
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, 2017:
| Morgan Stanley & Co. International PLC | Societe Generale | Totals | ||||||||||
| Assets: | ||||||||||||
| Forward foreign currency contracts | $ | - | $ | 57,549 | $ | 57,549 | ||||||
| Total Assets | $ | - | $ | 57,549 | $ | 57,549 | ||||||
| Liabilities: | ||||||||||||
| Forward foreign currency contracts | $ | - | $ | 335,374 | $ | 335,374 | ||||||
| Written options | 1,456,907 | 378,882 | 1,835,789 | |||||||||
| Total Liabilities | $ | 1,456,907 | $ | 714,256 | $ | 2,171,163 | ||||||
| Net OTC derivative instruments by counterparty, at fair value | $ | (1,456,907 | ) | $ | (656,707 | ) | (2,113,614 | ) | ||||
| Total collateral pledged by the Fund/(Received from counterparty) | $ | 1,456,907 | $ | 656,707 | $ | 2,113,614 | ||||||
| Net Exposure(1)(2) | $ | - | $ | - | $ | - | ||||||
| (1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. |
| (2) | At May 31, 2017, the Fund had pledged $1,580,000 and $1,610,000 in cash collateral to Morgan Stanley & Co. International PLC and Societe Generale, respectively. Excess cash collateral is not shown for financial reporting purposes. |
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: | July 27, 2017 |
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: | July 27, 2017 | |
| By | /s/ Todd Modic | |
| Todd Modic | ||
| Senior Vice President and Chief Financial Officer | ||
| Date: | July 27, 2017 |