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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, 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, 2014

 

 
 

  

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, 2014 (Unaudited)
 

Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: 98.0%         
        Brazil: 1.0%          
 72,927   @  Banco do Brasil S.A.  $742,845    0.3 
 66,163   @  Petroleo Brasileiro SA ADR   932,898    0.4 
 88,601      Sul America SA   683,402    0.3 
            2,359,145    1.0 
                   
        Canada: 0.6%          
 83,220   @  Barrick Gold Corp.   1,340,674    0.6 
                   
        China: 0.4%          
 1,062,000      Bank of China Ltd.   506,547    0.2 
 202,000      China Resources Enterprise   567,334    0.2 
            1,073,881    0.4 
                   
        France: 3.6%          
 101,590      AXA S.A.   2,510,889    1.1 
 17,024   @  Criteo SA ADR   489,440    0.2 
 48,618      Total S.A.   3,413,325    1.4 
 30,049      Vinci S.A.   2,225,431    0.9 
            8,639,085    3.6 
                   
        Germany: 4.5%          
 13,781      Allianz AG   2,341,107    1.0 
 19,520      Bayerische Motoren Werke AG   2,450,766    1.0 
 45,119      Deutsche Bank AG   1,827,388    0.8 
 9,027   @  Linde AG   1,887,231    0.8 
 17,062   @  Siemens AG   2,267,644    0.9 
            10,774,136    4.5 
                   
        Hong Kong: 0.9%          
 438,925      AIA Group Ltd.   2,203,693    0.9 
                   
        Israel: 1.2%          
 23,457      Check Point Software Technologies   1,512,507    0.6 
 34,482   @  Nice Systems Ltd. ADR   1,352,729    0.6 
            2,865,236    1.2 
                   
        Japan: 7.2%          
 169,700      Itochu Corp.   2,014,672    0.8 
 59,800      Japan Tobacco, Inc.   2,031,313    0.8 
 5,900   @  Keyence Corp.   2,304,845    1.0 
 446,300      Mitsubishi UFJ Financial Group, Inc.   2,519,057    1.0 
 75,300      Sumitomo Mitsui Financial Group, Inc.   3,055,542    1.3 
 66,789   @  Tokio Marine Holdings, Inc.   2,122,685    0.9 
 59,400      Toyota Motor Corp.   3,364,175    1.4 
            17,412,289    7.2 
                   
        Malaysia: 0.0%          
 100      Malayan Banking BHD   308    0.0 
                   
        Mexico: 0.8%          
 12,408      Fomento Economico Mexicano SAB de CV ADR   1,178,884    0.5 
 112,093      Grupo Financiero Banorte   818,606    0.3 
            1,997,490    0.8 
                   
        Netherlands: 1.5%          
 18,432      Airbus Group NV   1,322,202    0.5 
 59,629      Reed Elsevier NV   1,333,793    0.6 
 26,866      Royal Dutch Shell PLC   1,056,782    0.4 
            3,712,777    1.5 
                   
        Norway: 0.5%          
 57,438      Subsea 7 SA   1,148,203    0.5 
                   
        Peru: 0.4%          
 98,576   @  Cia de Minas Buenaventura SAA ADR   1,053,777    0.4 
                   
        Poland: 0.7%          
 11,024      Powszechny Zaklad Ubezpieczen SA   1,623,027    0.7 
                   
        Russia: 0.7%          
 160,377   @  Sberbank of Russia ADR   1,610,987    0.7 
                   
        Singapore: 0.9%          
 167,000      DBS Group Holdings Ltd.   2,251,561    0.9 
                   
        South Korea: 1.0%          
 1,695   @  Samsung Electronics Co., Ltd.   2,401,093    1.0 
                   
        Spain: 0.9%          
 128,022      Telefonica S.A.   2,149,473    0.9 
                   
        Switzerland: 7.2%          
 24,646   @  Cie Financiere Richemont SA   2,600,524    1.1 
 263,433      Glencore PLC   1,430,610    0.6 
 52,070      Nestle S.A.   4,088,123    1.7 
 47,722      Novartis AG   4,293,747    1.8 
 16,429      Roche Holding AG - Genusschein   4,842,488    2.0 
            17,255,492    7.2 
                   
        Taiwan: 0.6%          
 75,207      Taiwan Semiconductor Manufacturing Co., Ltd. ADR   1,546,256    0.6 
                   
        Turkey: 0.4%          
 228,054      Akbank TAS   889,126    0.4 
                   
        United Kingdom: 8.7%          
 375,721      Barclays PLC   1,554,287    0.7 
 59,961      BG Group PLC   1,229,519    0.5 
 355,381      BP PLC   2,995,693    1.2 
 266,995   @  HSBC Holdings PLC   2,816,358    1.2 
 137,584      Prudential PLC   3,200,452    1.3 
 63,562   @  Rio Tinto PLC   3,259,740    1.4 
 70,255      Scottish & Southern Energy PLC   1,833,695    0.8 
 67,768   @  Standard Chartered PLC   1,525,793    0.6 

 

 
 

 

Voya Global Advantage and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited)

  

 114,559      WPP PLC   2,477,458    1.0 
            20,892,995    8.7 
                   
        United States: 54.3%          
 34,831   @  Adobe Systems, Inc.   2,247,993    0.9 
 12,411      Air Products & Chemicals, Inc.   1,488,948    0.6 
 10,833      Allegion Public Ltd.   567,541    0.2 
 62,133      Altria Group, Inc.   2,582,248    1.1 
 38,537      American Electric Power Co., Inc.   2,055,949    0.9 
 56,383      AT&T, Inc.   1,999,905    0.8 
 190,734      Bank of America Corp.   2,887,713    1.2 
 87,123      Blackstone Group LP   2,707,783    1.1 
 57,412      Carnival Corp.   2,298,202    1.0 
 120,271      Cisco Systems, Inc.   2,961,072    1.2 
 81,496      Citigroup, Inc.   3,876,765    1.6 
 31,069      Comcast Corp. – Class A   1,621,802    0.7 
 46,915      CVS Caremark Corp.   3,674,383    1.5 
 17,541      Cytec Industries, Inc.   1,742,698    0.7 
 16,521      Dresser-Rand Group, Inc.   1,011,085    0.4 
 22,243   @  eBay, Inc.   1,128,387    0.5 
 88,201      EMC Corp.   2,342,619    1.0 
 34,267      Exelon Corp.   1,262,054    0.5 
 77,389      Freeport-McMoRan Copper & Gold, Inc.   2,635,095    1.1 
 152,482      General Electric Co.   4,084,993    1.7 
 18,919      Goldman Sachs Group, Inc.   3,023,445    1.3 
 4,347      Google, Inc.   2,438,580    1.0 
 4,256      Google, Inc. – Class A   2,432,942    1.0 
 36,860      Halliburton Co.   2,382,630    1.0 
 22,992      Hess Corp.   2,099,170    0.9 
 23,723      Honeywell International, Inc.   2,209,797    0.9 
 32,499      Ingersoll-Rand PLC - Class A   1,944,090    0.8 
 73,508      JPMorgan Chase & Co.   4,084,840    1.7 
 27,409      Kellogg Co.   1,890,673    0.8 
 3,461      Mallinckrodt PLC - W/I   269,127    0.1 
 49,986      Marathon Oil Corp.   1,832,487    0.8 
 74,089      Merck & Co., Inc.   4,286,790    1.8 
 44,761      Metlife, Inc.   2,279,678    0.9 
 93,942      Microsoft Corp.   3,845,985    1.6 
 73,667   @  Mylan Laboratories   3,671,563    1.5 
 39,823      NetApp, Inc.   1,473,849    0.6 
 34,815      Nike, Inc.   2,677,622    1.1 
 69,913      Nuance Communications, Inc.   1,131,542    0.5 
 28,352      Occidental Petroleum Corp.   2,826,411    1.2 
 87,312      Oracle Corp.   3,668,850    1.5 
 154,770      Pfizer, Inc.   4,585,835    1.9 
 19,581      Philip Morris International, Inc.   1,733,702    0.7 
 45,909      PPL Corp.   1,610,947    0.7 
 40,418      Procter & Gamble Co.   3,265,370    1.4 
 32,744      Qualcomm, Inc.   2,634,255    1.1 
 146,858      Regions Financial Corp.   1,496,483    0.6 
 33,688      Sensata Technologies Holdings N.V.   1,444,878    0.6 
 34,493      Target Corp.   1,957,823    0.8 
 998      Transocean Ltd - RIGN   42,162    0.0 
 27,156   @  Transocean Ltd. - RIG   1,153,858    0.5 
 31,851      UnitedHealth Group, Inc.   2,536,295    1.0 
 36,361      Walt Disney Co.   3,054,688    1.3 
 97,257      Weatherford International Ltd.   2,109,504    0.9 
 91,060      Wells Fargo & Co.   4,624,027    1.9 
 12,977      Wesco International, Inc.   1,108,495    0.5 
 21,265      Yum! Brands, Inc.   1,643,997    0.7 
            130,649,625    54.3 
                   
     Total Common Stock          
     (Cost $192,721,823)   235,850,329    98.0 
                   
     Assets in Excess of Other Liabilities   4,777,539    2.0 
     Net Assets  $240,627,868    100.0 

 

@ Non-income producing security
 ADR American Depositary Receipt
   
  Cost for federal income tax purposes is $193,011,866.
   
  Net unrealized appreciation consists of:

 

Gross Unrealized Appreciation  $48,356,860 
Gross Unrealized Depreciation   (5,518,397)
      
Net Unrealized Appreciation  $42,838,463 

 

Sector Diversification  Percentage
of Net Assets		 
Financials   24.9%
Information Technology   14.9 
Consumer Discretionary   10.7 
Energy   10.1 
Health Care   10.1 
Consumer Staples   8.7 
Industrials   7.8 
Materials   6.2 
Utilities   2.9 
Telecommunication Services   1.7 
Assets in Excess of Other Liabilities   2.0 
Net Assets   100.0%

 

 
 

 

Voya Global Advantage and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited) (Continued)

 

Fair Value Measurements
The following is a summary of the fair valuations according to the inputs used as of May 31, 2014 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, 2014		 
Asset Table                    
Investments, at fair value                    
Common Stock                    
Brazil  $2,359,145   $–   $–   $2,359,145 
Canada   1,340,674    –    –    1,340,674 
China   –    1,073,881    –    1,073,881 
France   489,440    8,149,645    –    8,639,085 
Germany   –    10,774,136    –    10,774,136 
Hong Kong   –    2,203,693    –    2,203,693 
Israel   2,865,236    –    –    2,865,236 
Japan   –    17,412,289    –    17,412,289 
Malaysia   –    308    –    308 
Mexico   1,997,490    –    –    1,997,490 
Netherlands   –    3,712,777    –    3,712,777 
Norway   1,148,203    –    –    1,148,203 
Peru   1,053,777    –    –    1,053,777 
Poland   –    1,623,027    –    1,623,027 
Russia   1,610,987    –    –    1,610,987 
Singapore   –    2,251,561    –    2,251,561 
South Korea   –    2,401,093    –    2,401,093 
Spain   –    2,149,473    –    2,149,473 
Switzerland   –    17,255,492    –    17,255,492 
Taiwan   1,546,256    –    –    1,546,256 
Turkey   –    889,126    –    889,126 
United Kingdom   –    20,892,995    –    20,892,995 
United States   130,607,463    42,162    –    130,649,625 
Total Common Stock   145,018,671    90,831,658    –    235,850,329 
Total Investments, at fair value  $145,018,671   $90,831,658   $–   $235,850,329 
Other Financial Instruments+                    
Forward Foreign Currency Contracts   –    118,652    –    118,652 
Total Assets  $145,018,671   $90,950,310   $–   $235,968,981 
Liabilities Table                    
Other Financial Instruments+                    
Forward Foreign Currency Contracts  $–   $(32,511)  $–   $(32,511)
Futures   (569,095)   –    –    (569,095)
Written Options   –    (2,785,540)   –    (2,785,540)
Total Liabilities  $(569,095)  $(2,818,051)  $–   $(3,387,146)

 

+ 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, 2014, the following forward foreign currency contracts were outstanding for the Voya Global Advantage and Premium Opportunity Fund:

 

Counterparty  Currency  Contract Amount   Buy/Sell  Settlement Date  In Exchange For   Fair Value   Unrealized
Appreciation
(Depreciation)		 
                          
Royal Bank of Scotland Group PLC  Swiss Franc   14,207,717   Sell  06/30/14  $15,864,742   $15,870,466   $(5,724)
BNP Paribas Bank  Japanese Yen   7,250,000   Sell  06/30/14   71,137    71,229    (92)
BNP Paribas Bank  Japanese Yen   1,770,373,140   Sell  06/30/14   17,369,661    17,393,637    (23,976)
BNP Paribas Bank  British Pound   13,544,385   Sell  06/30/14   22,790,310    22,698,552    91,758 
BNP Paribas Bank  EU Euro   18,475,991   Sell  06/30/14   25,211,377    25,184,483    26,894 
BNP Paribas Bank  Israeli New Shekel   9,739,000   Sell  06/30/14   2,800,101    2,802,703    (2,602)
Royal Bank of Scotland Group PLC  British Pound   28,558   Sell  06/30/14   47,743    47,860    (117)
                           $86,141 

 

 
 

 

Voya Global Advantage and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited) (Continued)

  

Voya Global Advantage and Premium Opportunity Fund Open Futures Contracts on May 31, 2014:

 

Contract Description  Number
of Contracts		   Expiration
Date		  Notional
Value		   Unrealized
Appreciation/
(Depreciation)		 
Short Contracts               
Euro STOXX 50®   (214)  06/20/14  $(9,451,601)  $(264,768)
FTSE 100 Index   (114)  06/20/14   (13,036,843)   (140,909)
Nikkei 225   (70)  06/12/14   (5,040,275)   (110,626)
S&P 500 E-Mini   (30)  06/20/14   (2,882,250)   (52,792)
           $(30,410,969)  $(569,095)

  

Voya Global Advantage and Premium Opportunity Fund Written OTC Options on May 31, 2014:

 

 Number of
Contracts		   Counterparty  Description  Exercise
Price		  Expiration
Date		  Premiums
Received		   Fair Value 
Options on Indices
 1,400   Barclays Bank PLC  Call on Euro Stoxx 50® Index   3,110.266    EUR  06/06/14  $98,955   $(256,677)
 1,500   Barclays Bank PLC  Call on Euro Stoxx 50® Index   3,168.830    EUR  06/20/14   98,873    (182,369)
 1,500   Citigroup, Inc.  Call on Euro Stoxx 50® Index   3,174.370    EUR  07/03/14   94,512    (194,544)
 600   Barclays Bank PLC  Call on FTSE 100 Index   6,828.930    GBP  06/20/14   67,126    (58,385)
 800   BNP Paribas Bank  Call on FTSE 100 Index   6,603.750    GBP  06/06/14   94,540    (320,032)
 600   Citigroup, Inc.  Call on FTSE 100 Index   6,879.360    GBP  07/03/14   66,053    (55,894)
 25,700   Barclays Bank PLC  Call on Nikkei 225 Index     14,728.165    JPY  06/06/14   77,257    (27,376)
 27,800   Barclays Bank PLC  Call on Nikkei 225 Index     14,776.674    JPY  06/20/14   73,142    (53,317)
 27,900   Citigroup, Inc.  Call on Nikkei 225 Index   14,388.120    JPY  07/03/14   72,863    (128,481)
 11,500   Citigroup, Inc.  Call on S&P 500 Index   1,876.160    USD  06/06/14   250,387    (549,265)
 11,600   Citigroup, Inc.  Call on S&P 500 Index   1,881.880    USD  07/03/14   252,880    (579,696)
 11,500   Citigroup, Inc.  Call on S&P 500 Index   1,896.244    USD  06/20/14   232,990    (379,504)
            Total Written OTC Options  $1,479,578   $(2,785,540)

  

 
 

 

Voya Global Advantage and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (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, 2014 was as follows:

 

Derivatives not accounted for as hedging instruments

 

      Fair Value 
         
Asset Derivatives Instrument Type     
        
Foreign exchange contracts  Forward foreign currency contracts  $118,652 
Total Asset Derivatives     $118,652 
         
Liability Derivatives Instrument Type     
         
Foreign exchange contracts  Forward foreign currency contracts  $32,511 
Equity contracts  Futures contracts   569,095 
Equity contracts  Written options   2,785,540 
Total Liability Derivatives     $3,387,146 

 

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 at May 31, 2014:

 

   Barclays Bank PLC   BNP Paribas Bank   Citigroup, Inc.   Royal Bank of Scotland Group PLC   Totals 
Assets:                    
Forward foreign currency contracts  $-   $118,652   $-   $-   $118,652 
Total Assets  $-   $118,652   $-   $-   $118,652 
                          
Liabilities:                         
Forward foreign currency contracts  $-   $26,670   $-   $5,841   $32,511 
Written options   578,124    320,032    1,887,384    -    2,785,540 
Total Liabilities  $578,124   $346,702   $1,887,384   $5,841   $2,818,051 
                          
Net OTC derivative instruments by counterparty, at fair value  $(578,124)  $(228,050)  $(1,887,384)  $(5,841)   (2,699,399)
                          
Total collateral pledged by the Fund/(Received from counterparty)  $560,000   $-   $-   $(360,000)  $200,000 
                          
Net Exposure(1)  $(18,124)  $(228,050)  $(1,887,384)  $(365,841)  $(2,499,399)

 

(1)Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund.

  

 
 

 

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 24, 2014  

 

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 24, 2014  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: July 24, 2014