Edgar Filing: Voya Global Advantage & Premium Opportunity Fund

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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, 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, 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 November 30, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.7%
			Brazil: 0.7%
	72,927		Banco do Brasil S.A.	$	837,847		0.3
	66,163		Petroleo Brasileiro SA ADR		643,104		0.3
	47,617		Sul America SA		236,254		0.1
					1,717,205		0.7

			Canada: 0.4%
	83,220		Barrick Gold Corp.		989,486		0.4

			China: 0.7%
	106,700		Tencent Holdings Ltd.		1,711,830		0.7

			France: 3.1%
	101,590		AXA S.A.		2,453,724		1.0
	17,024	@	Criteo SA ADR		687,429		0.3
	48,618		Total S.A.		2,713,007		1.1
	30,049		Vinci S.A.		1,623,689		0.7
					7,477,849		3.1

			Germany: 4.1%
	13,781		Allianz AG		2,372,781		1.0
	19,520		Bayerische Motoren Werke AG		2,229,902		0.9
	50,710		Deutsche Bank AG		1,654,734		0.7
	7,763		Linde AG		1,461,158		0.6
	17,062		Siemens AG		2,016,691		0.9
					9,735,266		4.1

			Hong Kong: 1.1%
	438,925		AIA Group Ltd.		2,530,734		1.1

			Israel: 1.5%
	23,457	@	Check Point Software Technologies		1,813,461		0.8
	34,482		Nice Systems Ltd. ADR		1,628,585		0.7
					3,442,046		1.5

			Japan: 6.6%
	169,700		Itochu Corp.		1,950,944		0.8
	59,800		Japan Tobacco, Inc.		1,916,927		0.8
	5,300		Keyence Corp.		2,449,531		1.0
	446,300		Mitsubishi UFJ Financial Group, Inc.		2,570,390		1.1
	85,300		Sumitomo Mitsui Financial Group, Inc.		3,202,599		1.4
	59,400		Toyota Motor Corp.		3,651,885		1.5
					15,742,276		6.6

			Malaysia: 0.0%
	100		Malayan Banking BHD		279		0.0

			Mexico: 0.8%
	12,408		Fomento Economico Mexicano SAB de CV ADR		1,204,072		0.5
	112,093		Grupo Financiero Banorte		630,818		0.3
					1,834,890		0.8

			Netherlands: 1.1%
	21,179		Airbus Group NV		1,290,162		0.6
	49,044		Reed Elsevier NV		1,205,762		0.5
					2,495,924		1.1

			Norway: 0.4%
	94,211		Subsea 7 SA		939,067		0.4

			Peru: 0.2%
	57,503		Cia de Minas Buenaventura SAA ADR		531,903		0.2

			Poland: 0.7%
	11,024		Powszechny Zaklad Ubezpieczen SA		1,567,014		0.7

			Russia: 0.4%
	160,377		Sberbank of Russia ADR		986,479		0.4

			Singapore: 1.1%
	167,000		DBS Group Holdings Ltd.		2,537,903		1.1

			South Korea: 0.5%
	1,080		Samsung Electronics Co., Ltd.		1,251,263		0.5

			Spain: 1.1%
	155,895		Telefonica S.A.		2,499,041		1.1

			Switzerland: 6.4%
	20,139		Cie Financiere Richemont SA		1,891,681		0.8
	52,070		Nestle S.A.		3,905,998		1.6
	47,722		Novartis AG		4,614,835		1.9
	16,429		Roche Holding AG - Genusschein		4,916,224		2.1
					15,328,738		6.4

			Taiwan: 1.1%
	107,101		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,513,661		1.1

			Turkey: 0.4%
	228,054		Akbank TAS		923,169		0.4

			United Kingdom: 7.6%
	375,721		Barclays PLC		1,433,776		0.6
	355,381		BP PLC		2,326,880		1.0
	266,995		HSBC Holdings PLC		2,656,813		1.1
	137,584		Prudential PLC		3,320,790		1.4
	63,562		Rio Tinto PLC		2,954,556		1.2
	82,304		Scottish & Southern Energy PLC		2,106,329		0.9
	67,768		Standard Chartered PLC		990,815		0.4
	114,559		WPP PLC		2,395,369		1.0
					18,185,328		7.6

			United States: 57.7%
	31,462	@	Adobe Systems, Inc.		2,318,120		1.0
	12,411		Air Products & Chemicals, Inc.		1,785,074		0.7
	10,833		Allegion Public Ltd.		583,357		0.2
	62,133		Altria Group, Inc.		3,122,805		1.3
	37,219		American Airlines Group, Inc.		1,806,238		0.8

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2014 (Unaudited) (Continued)

	46,626		American Electric Power Co., Inc.	$	2,683,326	1.1
	140,398		Bank of America Corp.		2,392,382	1.0
	5,897	@	Biogen Idec, Inc.		1,814,448	0.8
	75,684		Blackstone Group LP		2,536,928	1.1
	74,390		Carnival Corp.		3,285,062	1.4
	23,100		Celgene Corp.		2,626,239	1.1
	120,271		Cisco Systems, Inc.		3,324,290	1.4
	81,496		Citigroup, Inc.		4,398,339	1.8
	57,445		Comcast Corp. – Class A		3,276,663	1.4
	46,915		CVS Caremark Corp.		4,286,154	1.8
	35,082		Cytec Industries, Inc.		1,687,444	0.7
	24,436		Delta Airlines, Inc.		1,140,428	0.5
	88,201		EMC Corp.		2,676,900	1.1
	77,389		Freeport-McMoRan, Inc.		2,077,895	0.9
	152,482		General Electric Co.		4,039,248	1.7
	19,805	@	Gilead Sciences, Inc.		1,986,838	0.8
	16,580		Goldman Sachs Group, Inc.		3,123,838	1.3
	3,781		Google, Inc.		2,048,659	0.9
	4,256		Google, Inc. – Class A		2,336,884	1.0
	36,860		Halliburton Co.		1,555,492	0.7
	22,992		Hess Corp.		1,676,806	0.7
	23,723		Honeywell International, Inc.		2,350,238	1.0
	32,499		Ingersoll-Rand PLC - Class A		2,049,387	0.9
	68,105		JPMorgan Chase & Co.		4,097,197	1.7
	27,409		Kellogg Co.		1,815,846	0.8
	55,189		Marathon Oil Corp.		1,596,066	0.7
	11,821	@	Medivation, Inc.		1,369,936	0.6
	74,089		Merck & Co., Inc.		4,474,976	1.9
	44,761		Metlife, Inc.		2,489,159	1.0
	82,152		Microsoft Corp.		3,927,687	1.6
	73,667	@	Mylan Laboratories		4,317,623	1.8
	33,183		NetApp, Inc.		1,411,937	0.6
	32,687		Nike, Inc.		3,245,492	1.4
	69,913		Nuance Communications, Inc.		1,057,784	0.4
	28,352		Occidental Petroleum Corp.		2,261,639	0.9
	87,312		Oracle Corp.		3,702,902	1.6
	154,770		Pfizer, Inc.		4,821,085	2.0
	45,909		PPL Corp.		1,631,147	0.7
	40,418		Procter & Gamble Co.		3,655,000	1.5
	32,744		Qualcomm, Inc.		2,387,038	1.0
	33,688	@	Sensata Technologies Holdings N.V.		1,669,914	0.7
	28,099		Target Corp.		2,079,326	0.9
	998		Transocean Ltd - RIGN		20,921	0.0
	44,622		Transocean Ltd.		937,508	0.4
	31,851		UnitedHealth Group, Inc.		3,141,464	1.3
	36,361		Walt Disney Co.		3,363,756	1.4
	97,257	@	Weatherford International PLC		1,274,067	0.5
	91,060		Wells Fargo & Co.		4,960,949	2.1
	12,977		Wesco International, Inc.		1,069,175	0.4
	21,265		Yum! Brands, Inc.		1,642,721	0.7
					137,411,797	57.7

		Total Common Stock
		(Cost $189,428,340)			232,353,148	97.7

RIGHTS: 0.0%
			Spain: 0.0%
	155,895		Telefonica SA		71,336	0.0

		Total Rights
		(Cost $65,699)			71,336	0.0

		Total Investments in Securities (Cost $189,494,039)		$	232,424,484	97.7
		Assets in Excess of Other Liabilities			5,548,141	2.3
		Net Assets		$	237,972,625	100.0

@	Non-income producing security

ADR	American Depositary Receipt

	Cost for federal income tax purposes is $189,844,392.

	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	53,708,125
Gross Unrealized Depreciation		(11,128,033	)

Net Unrealized Appreciation	$	42,580,092

Sector Diversification	Percentage of Net Assets
Financials		23.1	%
Information Technology		15.7
Health Care		14.3
Consumer Discretionary		11.9
Industrials		9.2
Consumer Staples		8.3
Energy		6.7
Materials		4.7
Utilities		2.7
Telecommunication Services		1.1
Assets in Excess of Other Liabilities		2.3
Net Assets		100.0	%

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2014 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of November 30, 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 November 30, 2014
Asset Table
Investments, at fair value
Common Stock
Brazil	$	1,717,205		$	–		$	–	$	1,717,205
Canada		989,486			–			–		989,486
China		–			1,711,830			–		1,711,830
France		687,429			6,790,420			–		7,477,849
Germany		–			9,735,266			–		9,735,266
Hong Kong		–			2,530,734			–		2,530,734
Israel		3,442,046			–			–		3,442,046
Japan		–			15,742,276			–		15,742,276
Malaysia		–			279			–		279
Mexico		1,834,890			–			–		1,834,890
Netherlands		–			2,495,924			–		2,495,924
Norway		–			939,067			–		939,067
Peru		531,903			–			–		531,903
Poland		–			1,567,014			–		1,567,014
Russia		986,479			–			–		986,479
Singapore		–			2,537,903			–		2,537,903
South Korea		–			1,251,263			–		1,251,263
Spain		–			2,499,041			–		2,499,041
Switzerland		–			15,328,738			–		15,328,738
Taiwan		2,513,661			–			–		2,513,661
Turkey		–			923,169			–		923,169
United Kingdom		–			18,185,328			–		18,185,328
United States		137,390,876			20,921			–		137,411,797
Total Common Stock		150,093,975			82,259,173			–		232,353,148
Rights		–			71,336			–		71,336
Total Investments, at fair value	$	150,093,975		$	82,330,509		$	–	$	232,424,484
Other Financial Instruments+
Forward Foreign Currency Contracts		–			562,563			–		562,563
Futures		386,414			–			–		386,414
Total Assets	$	150,480,389		$	82,893,072		$	–	$	233,373,461
Liabilities Table
Other Financial Instruments+
Futures	$	(20,866	)	$	–		$	–	$	(20,866	)
Written Options		–			(4,436,118	)		–		(4,436,118	)
Total Liabilities	$	(20,866	)	$	(4,436,118	)	$	–	$	(4,456,984	)

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

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)

BNP Paribas Bank	British Pound		11,267,801	Sell	12/30/14	$	17,782,832	$	17,597,616	$	185,216
BNP Paribas Bank	EU Euro		17,652,226	Sell	12/30/14		22,099,457		21,953,084		146,373
Royal Bank of Scotland Group PLC	Japanese Yen		1,794,302,908	Sell	12/30/14		15,264,376		15,123,012		141,364
Royal Bank of Scotland Group PLC	Swiss Franc		14,549,107	Sell	12/30/14		15,149,749		15,063,984		85,765
Royal Bank of Scotland Group PLC	British Pound		269,365	Sell	12/30/14	$	424,529	$	420,684	$	3,845
										$	562,563

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 2014 (Unaudited) (Continued)

At November 30, 2014, 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^®	184	12/19/14	$	7,422,141	$	240,059
FTSE 100 Index	70	12/19/14		7,359,731		(20,866	)
Nikkei 225 Index (SGX)	51	12/11/14		3,746,115		29,784
S&P 500 E-Mini	119	12/19/14		12,294,485		116,571
			$	30,822,472	$	365,548

At November 30, 2014, the following over-the-counter written options were outstanding for Voya Global Advantage and Premium Opportunity Fund:

Notional Amount or Number of Contracts		Counterparty	Description	Exercise Price	Expiration Date	Premiums Received		Fair Value
Options on Indices
	1,000	Barclays Bank PLC	Call on EURO STOXX 50^® Index	3,112.026 EUR	12/19/14	$	65,872	$	(182,738	)
	1,000	Barclays Bank PLC	Call on EURO STOXX 50^® Index	3,197.250 EUR	01/09/15		58,162		(119,402	)
	1,200	BNP Paribas Bank	Call on EURO STOXX 50^® Index	2,992.410 EUR	12/05/14		95,623		(384,281	)
	800	Barclays Bank PLC	Call on FTSE 100 Index	6,337.800 GBP	12/05/14		127,529		(481,330	)
	800	BNP Paribas Bank	Call on FTSE 100 Index	6,760.300 GBP	01/09/15		78,067		(85,661	)
	800	Citigroup, Inc.	Call on FTSE 100 Index	6,619.040 GBP	12/19/14		81,570		(163,092	)
	25,100	Citigroup, Inc.	Call on Nikkei 225 Index	15,076.360 JPY	12/05/14		75,131		(504,597	)
	24,300	Citigroup, Inc.	Call on Nikkei 225 Index	17,274.820 JPY	12/19/14		73,313		(96,212	)
	24,400	Citigroup, Inc.	Call on Nikkei 225 Index	17,777.690 JPY	01/09/15		77,875		(74,595	)
	11,100	Barclays Bank PLC	Call on S&P 500 Index	1,914.880 USD	12/05/14		296,050		(1,695,982	)
	11,200	BNP Paribas Bank	Call on S&P 500 Index	2,079.290 USD	01/09/15		280,336		(278,841	)
	11,300	Citigroup, Inc.	Call on S&P 500 Index	2,048.050 USD	12/19/14		249,760		(369,387	)
			Total Written OTC Options			$	1,559,288	$	(4,436,118	)

Voya Global Advantage and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS
as of November 30, 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 November 30, 2014 was as follows:

Derivatives not accounted for as hedging instruments

		Fair Value

Asset Derivatives	Instrument Type
Foreign exchange contracts	Forward foreign currency contracts	$	562,563
Interest rate contracts	Futures contracts		386,414
Total Asset Derivatives		$	948,977

Liability Derivatives	Instrument Type
Interest rate contracts	Futures contracts	$	20,866
Equity Contracts	Written options		4,436,118
Total Liability Derivatives		$	4,456,984

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, 2014:

	Barclays Bank PLC			BNP Paribas Bank			Citigroup, Inc.			Royal Bank of Scotland Group PLC			Totals
Assets:
Forward foreign currency contracts	$	-		$	331,589		$	-		$	230,974		$	562,563
Total Assets	$	-		$	331,589		$	-		$	230,974		$	562,563

Liabilities:
Written options		2,479,452			748,783			1,207,883			-			4,436,118
Total Liabilities	$	2,479,452		$	748,783		$	1,207,883		$	-		$	4,436,118

Net OTC derivative instruments by counterparty, at fair value	$	(2,479,452	)	$	(417,194	)	$	(1,207,883	)	$	230,974			(3,873,555	)

Total collateral pledged by the Fund/(Received from counterparty)	$	1,500,000		$	(280,000	)	$	-		$	(1,640,000	)	$	(420,000	)

Net Exposure⁽¹⁾	$	(979,452	)	$	(697,194	)	$	(1,207,883	)	$	(1,409,026	)	$	(4,293,555	)

⁽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:	January 23, 2015

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 23, 2015

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date:	January 23, 2015