Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)
04 Novembre 2021 - 4:54PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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 Road, Suite 100, Scottsdale, AZ
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85258
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(Address
of principal executive offices)
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(Zip
code)
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The Corporation Trust Company, 1209 Orange Street,
Wilmington, DE 19801
(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: March 1, 2021 to August 31, 2021
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant
to Rule 30e-1 under the Act (17 CFR 270.30e-1):
Semi-Annual Report
August 31, 2021
Voya Global Advantage and Premium Opportunity
Fund
As permitted by regulations adopted by the U.S. Securities
and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by
mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website
(www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the
report.
If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder
reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if
you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
You may elect to receive all
future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper
copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to
request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an
email request to Voyaim_literature@voya.com to let a fund know you wish to continue receiving paper copies of your shareholder reports. Your election
to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the
Voya funds complex if you invest directly with the funds.
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This report is submitted for general information to
shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus
which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read
carefully.
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E-Delivery
Sign-up details inside
INVESTMENT
MANAGEMENT
voyainvestments.com
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Managed Distribution Policy
The Fund was granted exemptive relief by the U.S. Securities
and Exchange Commission (the “Order”),which under the Investment Company Act of 1940, as amended (the “1940 Act”), permits the Fund
to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than once per taxable year
(“Managed Distribution Policy”). Pursuant to the Order, the Fund’s Board of Trustees (the “Board”) approved the Managed
Distribution Policy and the Fund adopted the policy which allows the Fund to make periodic distributions of long-term capital gains.
Under the Managed Distribution Policy, the Fund makes
quarterly distributions of an amount equal to $0.197 per share. You should not draw any conclusions about the Fund’s investment performance from
the amount of this distribution or from the terms of the Fund’s Plan.
The Managed Distribution Policy will be subject to periodic
review by the Fund’s Board and the Board may amend or terminate the Managed Distribution Policy at any time without prior notice to the
Fund’s shareholders; any such change or termination may have an adverse effect on the market price of the Fund’s shares.
The Fund may distribute more than its net investment income
and net realized capital gains; therefore, a portion of your distribution may include a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the
Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ With each distribution, the Fund will
issue a notice to shareholders and a press release containing information about the amounts and sources of distribution and other related information.
The amounts and sources of the distributions contained in a notice and press release are only estimates and are not provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that
will tell you how to report these distributions for federal income tax purposes.
TABLE OF CONTENTS
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Go Paperless with E-Delivery!
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Sign up now for on-line prospectuses, fund reports, and proxy statements.
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Just go to www.individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
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You will be notified by e-mail when these communications become available on the internet.
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available:
(1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at
www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information
regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge
on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P.
The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings is
available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800)
992-0180.
(THIS PAGE INTENTIONALLY LEFT BLANK)
Economy and Markets Continue to Overcome
Doubts
Dear Shareholder,
Crosscurrents of hope and fear drove bouts of market
volatility during the six-months covered in this report. As COVID-19 delta variant infections surged among the unvaccinated, investors began to worry
that another wave of the pandemic was underway. Notwithstanding U.S. Federal Reserve Board (“Fed”) assertions that near-term inflation would
prove transitory, in our view market participants worried that higher prices linked to supply-chain disruptions would persist, causing interest rates
to rise and thereby dragging down the pace of economic recovery. In contrast, market sentiment was lifted by dynamic job growth; strong corporate
earnings; continuing, supportive government policy; and signs of easing inflation.
Despite the uncertainty around the pandemic and economic
recovery, it is our opinion that positive influences kept the financial markets on an upward trajectory over the six-months ended August 31. The
ten-year U.S. Treasury yield a widely watched bellwether for interest rates declined, indicating that inflation concerns were abating. In
our view, the Fed can control average price level swelling and successfully reduce monetary accommodation when needed, without triggering a
deflationary tailspin or market panic. We continue to believe the U.S. economy is in the early middle innings of a prolonged phase of growth.
Recognizing that current, high stock valuations leave a thin margin for error, we still think the supportive macro backdrop and substantial pent-up
demand will propel better than expected company bottom lines and keep the bull market running.
While we believe the economy and financial markets can
extend their recent strength, it’s always possible that something unforeseen will shake up expectations. Therefore, it’s important to
remember that one should invest to achieve one’s long-term goals, and not seek to beat the market today, this week, this month or this year. Keep
focused on your long-term goals and don’t get distracted by short-term news, however compelling the headlines. Should your long-term goals change,
discuss the situation thoroughly with your financial advisor before making any changes to your investment portfolio.
Regardless of events, at Voya we believe that we remain well
prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to
working with you in the future.
Sincerely,
Dina Santoro
President
Voya Family of Funds
September 21, 2021
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are
subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These
views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be
relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as
recommendations or investment advice. International investing does pose special risks including currency fluctuation, economic and political risks not
found in investments that are solely domestic.
More complete information about the Fund, including the
Fund’s daily New York Stock Exchange closing prices and NAV per share, is available at www.voyainvestments.com or by calling the Fund’s
Shareholder Service Department at (800) 992-0180. To obtain a prospectus for any Voya mutual fund, please call your financial advisor or a fund’s
Shareholder Service Department at (800) 992-0180 or log on to www.voyainvestments.com. A prospectus should be read carefully before investing. Consider
a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other
information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all
funds are available for sale at all firms.
1
STATEMENT OF ASSETS AND LIABILITIES AS OF AUGUST 31, 2021
(UNAUDITED)
ASSETS:
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Investments in
securities at fair value*
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$
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175,328,719
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Short-term
investments at fair value
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1,974,000
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Cash
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407,026
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Cash pledged as
collateral for OTC derivatives (Note 2)
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370,000
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Foreign
currencies at value
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14,408
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Receivables:
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Investment
securities and currencies sold
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532,019
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Dividends
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347,190
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|
Foreign tax
reclaims
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208,354
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Unrealized
appreciation on forward foreign currency contracts
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1,150,385
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Prepaid
expenses
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39
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Other
assets
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10,482
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Total
assets
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180,342,622
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LIABILITIES:
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Payable for
investment securities and currencies purchased
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488,362
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Unrealized
depreciation on forward foreign currency contracts
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22,130
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Payable for
investment management fees
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126,539
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Payable to
trustees under the deferred compensation plan (Note 6)
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10,482
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Payable for
trustee fees
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907
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Other accrued
expenses and liabilities
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84,967
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Written options,
at fair valueˆ
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1,012,212
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Total
liabilities
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1,745,599
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NET
ASSETS
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$
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178,597,023
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NET ASSETS
WERE COMPRISED OF:
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Paid-in
capital
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$
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160,577,196
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Total
distributable earnings
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18,019,827
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NET
ASSETS
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$
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178,597,023
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* Cost
of investments in securities
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$
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147,015,700
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Cost of
short-term investments
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$
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1,974,000
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Cost of
foreign currencies
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$
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14,607
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ˆ Premiums
received on written options
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$
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1,240,817
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Net
assets
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$
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178,597,023
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Shares
authorized
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unlimited
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Par
value
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$
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0.010
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Shares
outstanding
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16,379,327
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Net asset
value
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$
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10.90
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See Accompanying Notes to Financial
Statements
2
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED AUGUST 31,
2021 (UNAUDITED)
INVESTMENT
INCOME:
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Dividends, net
of foreign taxes withheld*
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$
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2,832,891
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Total
investment income
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2,832,891
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EXPENSES:
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Investment
management fees
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776,763
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Transfer agent
fees
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9,998
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|
Shareholder
reporting expense
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27,600
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|
Professional
fees
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46,230
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|
Custody and
accounting expense
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39,002
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Trustee
fees
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3,626
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|
Tender offer
costs (Note 7)
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142,000
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Miscellaneous
expense
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21,488
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|
Total
expenses
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|
1,066,707
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Waived and
reimbursed fees
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(4,818
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)
|
Net
expenses
|
|
|
|
|
1,061,889
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|
Net investment
income
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|
|
|
|
1,771,002
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REALIZED AND
UNREALIZED GAIN (LOSS):
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Net realized
gain (loss) on:
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Investments
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|
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|
13,696,929
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|
Forward
foreign currency contracts
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|
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|
782,673
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|
Foreign
currency related transactions
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|
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|
55,978
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|
Written
options
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|
(5,313,885
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)
|
Net realized
gain
|
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|
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|
9,221,695
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|
Net change in
unrealized appreciation (depreciation) on:
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Investments
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|
12,446,938
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|
Forward
foreign currency contracts
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|
|
|
|
224,640
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|
Foreign
currency related transactions
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|
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|
(4,411
|
)
|
Written
options
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|
|
|
|
475,795
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|
Net change in
unrealized appreciation (depreciation)
|
|
|
|
|
13,142,962
|
|
Net realized and
unrealized gain
|
|
|
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|
22,364,657
|
|
Increase in
net assets resulting from operations
|
|
|
|
$
|
24,135,659
|
|
|
|
|
|
|
|
|
* Foreign taxes
withheld
|
|
|
|
$
|
141,707
|
|
See Accompanying Notes to Financial
Statements
3
STATEMENTS OF CHANGES IN NET ASSETS
|
|
Six Months Ended
August 31,
2021
(Unaudited)
|
|
|
Year Ended
February 28,
2021
|
|
FROM
OPERATIONS:
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
$
|
1,771,002
|
|
|
$
|
3,529,227
|
|
Net realized
gain (loss)
|
|
|
9,221,695
|
|
|
|
(19,248,035
|
)
|
Net change in
unrealized appreciation (depreciation)
|
|
|
13,142,962
|
|
|
|
20,397,771
|
|
Increase in net
assets resulting from operations
|
|
|
24,135,659
|
|
|
|
4,678,963
|
|
|
|
|
|
|
|
|
|
|
FROM
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
Total
distributions (excluding return of capital):
|
|
|
(1,771,002
|
)
|
|
|
(10,006,765
|
)
|
Return of
capital
|
|
|
(5,040,978
|
)
|
|
|
(4,381,820
|
)
|
Total
distributions
|
|
|
(6,811,980
|
)
|
|
|
(14,388,585
|
)
|
|
FROM CAPITAL
SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
Cost of shares
repurchased
|
|
|
|
|
|
|
(875,181
|
)
|
Cost of shares
repurchased in tender offer (Note 7)
|
|
|
(18,799,825
|
)
|
|
|
|
|
Net decrease in
net assets resulting from capital share transactions
|
|
|
(18,799,825
|
)
|
|
|
(875,181
|
)
|
Net decrease in
net assets
|
|
|
(1,476,146
|
)
|
|
|
(10,584,803
|
)
|
|
NET
ASSETS:
|
|
|
|
|
|
|
|
|
Beginning of
year or period
|
|
|
180,073,169
|
|
|
|
190,657,972
|
|
End of year or
period
|
|
$
|
178,597,023
|
|
|
$
|
180,073,169
|
|
See Accompanying Notes to Financial
Statements
4
Selected data for a share of beneficial interest outstanding
throughout each year or period.
|
|
|
Per
Share Operating Performance
|
|
|
Ratios
and Supplemental Data
|
|
|
|
|
|
|
|
|
|
Income
(loss)
from
investment
operations
|
|
|
|
|
|
Less
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average
net assets
|
|
|
|
|
|
|
Net asset value, beginning
of year or period
|
|
|
Net investment income
gain (loss)
|
|
|
Net realized and unrealized
gain (loss)
|
|
|
Total from investment
operations
|
|
|
From net investment income
|
|
|
From net realized gains
|
|
|
From return of capital
|
|
|
Total distributions
|
|
|
Accretion to net asset
value due to tender offer(6)
|
|
|
Net asset value,
end of year or period
|
|
|
Market value, end of year
or period
|
|
|
Total investment return
at net asset value(1)
|
|
|
Total investment return
at market value(2)
|
|
|
Net assets, end of year
or period (000’s)
|
|
|
Gross
expenses
prior to
expense
waiver/
recoupment(3)
|
|
|
Net
expenses
after
expense
waiver/
recoupment(3),(4)
|
|
|
Net investment income
(loss)(3),(4)
|
|
|
Portfolio turnover rate
|
Year or period ended
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
|
|
(%)
|
|
|
(%)
|
|
|
($000’s)
|
|
|
(%)
|
|
|
(%)
|
|
|
(%)
|
|
|
(%)
|
|
|
(%)
|
08-31-21+
|
|
|
9.89
|
|
|
|
0.10
|
|
|
|
1.27
|
|
|
|
1.37
|
|
|
|
0.10
|
|
|
|
|
|
|
|
0.29
|
|
|
|
0.39
|
|
|
|
0.03
|
|
|
|
10.90
|
|
|
|
10.17
|
|
|
|
14.75
|
|
|
|
18.70
|
|
|
|
178,597
|
|
|
|
1.17
|
|
|
|
1.16
|
|
|
|
1.94
|
|
|
|
34
|
|
02-28-21
|
|
|
10.42
|
|
|
|
0.19
|
|
|
|
0.07
|
|
|
|
0.26
|
|
|
|
0.15
|
|
|
|
0.40
|
|
|
|
0.24
|
|
|
|
0.79
|
|
|
|
|
|
|
|
9.89
|
|
|
|
8.92
|
|
|
|
4.27
|
|
|
|
5.48
|
|
|
|
180,073
|
|
|
|
0.97
|
|
|
|
0.97
|
|
|
|
2.00
|
|
|
|
74
|
|
02-29-20
|
|
|
11.43
|
|
|
|
0.27
|
|
|
|
(0.44
|
)
|
|
|
(0.17
|
)
|
|
|
0.40
|
|
|
|
0.44
|
|
|
|
|
|
|
|
0.84
|
|
|
|
|
|
|
|
10.42
|
|
|
|
9.29
|
|
|
|
(1.35
|
)
|
|
|
(2.87
|
)
|
|
|
190,658
|
|
|
|
0.96
|
|
|
|
0.96
|
|
|
|
2.37
|
|
|
|
130
|
|
02-28-19
|
|
|
12.12
|
|
|
|
0.21
|
|
|
|
0.00
|
*
|
|
|
0.21
|
|
|
|
0.41
|
|
|
|
0.49
|
|
|
|
|
|
|
|
0.90
|
|
|
|
|
|
|
|
11.43
|
|
|
|
10.35
|
|
|
|
2.43
|
|
|
|
0.46
|
|
|
|
209,174
|
|
|
|
0.99
|
|
|
|
0.99
|
|
|
|
1.76
|
|
|
|
70
|
|
02-28-18
|
|
|
11.62
|
|
|
|
0.19
|
|
|
|
1.21
|
|
|
|
1.40
|
|
|
|
0.04
|
|
|
|
0.78
|
|
|
|
0.08
|
|
|
|
0.90
|
|
|
|
|
|
|
|
12.12
|
|
|
|
11.19
|
|
|
|
13.07
|
|
|
|
16.75
|
|
|
|
221,924
|
|
|
|
0.99
|
|
|
|
0.99
|
|
|
|
1.55
|
|
|
|
92
|
|
02-28-17
|
|
|
10.71
|
|
|
|
0.18
|
|
|
|
1.80
|
|
|
|
1.98
|
|
|
|
0.42
|
|
|
|
0.16
|
|
|
|
0.49
|
|
|
|
1.07
|
|
|
|
|
|
|
|
11.62
|
|
|
|
10.39
|
|
|
|
20.77
|
|
|
|
21.11
|
|
|
|
213,271
|
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
1.59
|
|
|
|
98
|
|
02-29-16
|
|
|
12.93
|
|
|
|
0.17
|
|
|
|
(1.27
|
)
|
|
|
(1.10
|
)
|
|
|
0.39
|
|
|
|
0.73
|
|
|
|
|
|
|
|
1.12
|
|
|
|
|
|
|
|
10.71
|
|
|
|
9.55
|
|
|
|
(8.48
|
)(5)
|
|
|
(10.96
|
)
|
|
|
196,576
|
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
1.36
|
|
|
|
117
|
|
02-28-15
|
|
|
13.09
|
|
|
|
0.17
|
|
|
|
0.79
|
|
|
|
0.96
|
|
|
|
0.59
|
|
|
|
|
|
|
|
0.53
|
|
|
|
1.12
|
|
|
|
|
|
|
|
12.93
|
|
|
|
11.85
|
|
|
|
8.72
|
|
|
|
9.52
|
|
|
|
237,394
|
|
|
|
0.95
|
|
|
|
0.97
|
|
|
|
1.32
|
|
|
|
17
|
|
02-28-14
|
|
|
12.92
|
|
|
|
0.19
|
|
|
|
1.10
|
|
|
|
1.29
|
|
|
|
0.27
|
|
|
|
|
|
|
|
0.85
|
|
|
|
1.12
|
|
|
|
|
|
|
|
13.09
|
|
|
|
11.91
|
|
|
|
10.94
|
|
|
|
3.14
|
|
|
|
240,301
|
|
|
|
0.99
|
|
|
|
1.00
|
|
|
|
1.43
|
|
|
|
11
|
|
02-28-13
|
|
|
12.66
|
|
|
|
0.21
|
|
|
|
1.23
|
|
|
|
1.44
|
|
|
|
0.44
|
|
|
|
0.54
|
|
|
|
0.20
|
|
|
|
1.18
|
|
|
|
|
|
|
|
12.92
|
|
|
|
12.64
|
|
|
|
12.85
|
|
|
|
17.49
|
|
|
|
237,034
|
|
|
|
1.07
|
|
|
|
1.00
|
|
|
|
1.68
|
|
|
|
234
|
|
02-29-12
|
|
|
13.76
|
|
|
|
0.22
|
|
|
|
0.00
|
*
|
|
|
0.22
|
|
|
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
1.32
|
|
|
|
|
|
|
|
12.66
|
|
|
|
11.90
|
|
|
|
2.43
|
|
|
|
(3.44
|
)
|
|
|
232,156
|
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
1.76
|
|
|
|
135
|
|
(1)
|
|
Total investment return at net asset value has been calculated
assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment
of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend
reinvestment plan. Total investment return at net asset value is not annualized for periods less than one year.
|
(2)
|
|
Total investment return at market value measures the change in
the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if
any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for
periods less than one year.
|
(3)
|
|
Annualized for periods less than one year.
|
(4)
|
|
The Investment Adviser
has entered into a written expense limitation agreement with the Fund under which it will limit the
|
|
|
expenses of the Fund (excluding interest, taxes, investment-related costs, leverage
expenses, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of
being incurred.
|
(5)
|
|
Excluding amounts related to a foreign currency settlement
recorded in the fiscal year ended February 29, 2016, total investment return at net asset value would have been (8.65)%.
|
(6)
|
|
Please see Note 7 in the accompanying Notes to Financial
Statements for additional information.
|
+
|
|
Unaudited.
|
|
|
Calculated using average number of shares outstanding throughout
the year or period.
|
*
|
|
Amount is less than $0.005 or 0.005% or more than $(0.005) or
(0.005)%.
|
See Accompanying Notes to Financial
Statements
5
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED)
NOTE 1 ORGANIZATION
Voya Global Advantage and Premium Opportunity Fund (the
Fund) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
1940 Act). The Fund is organized as a Delaware statutory trust.
Voya Investments, LLC (Voya Investments or the
Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged
Voya Investment Management Co. LLC (Voya IM or the Sub-Adviser), a Delaware limited liability company, to serve as the
Sub-Adviser to the Fund.
NOTE 2 SIGNIFICANT ACCOUNTING
POLICIES
The following significant accounting policies are
consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally
accepted accounting principles (GAAP) and follows the accounting and reporting guidance applicable to investment
companies.
A. Security Valuation. The Fund is
open for business every day the New York Stock Exchange (NYSE) opens for regular trading (each such day, a Business Day). The
net asset value (NAV) per share of the Fund is determined each Business Day as of the close of the regular trading session (Market
Close), as determined by the Consolidated Tape Association (CTA), the central distributor of transaction prices for exchange-traded
securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is
generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV
per share of the Fund is calculated by taking the value of the Funds assets, subtracting the Funds liabilities, and dividing by the number
of shares that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase
and redemption orders. To the extent the Funds assets are traded in other markets on days when the Fund does not price its shares, the value of
the Funds assets will likely change and you will not be able to purchase or redeem shares of the Fund.
Assets for which market quotations are readily available are
valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the
regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the
Market
Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an
independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are
principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded.
Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in
registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular
trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is
deemed unreliable, the Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Funds Board of
Trustees (Board). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and
ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing
service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of
securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading
characteristics and other market data; (c) Securities traded in the over-the-counter (OTC) market are valued based on prices provided by
independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted
model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap
agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing
current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement
periods and the Funds forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent
period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be
valued based upon quotes furnished by brokers.
Foreign securities (including forward foreign currency
exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are
available and believed to be reliable for foreign exchange-traded equity securities, the
6
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
(continued)
securities will be valued at the market quotations.
Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing
service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is
not the current value as of Market Close. Foreign securities prices meeting the approved degree of certainty that the price is not reflective of
current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those
securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered
by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American
Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily
available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as
determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment
Adviser responsibility for overseeing the implementation of the Funds valuation procedures; a Pricing Committee comprised of
employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a
fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund. Issuer specific
events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers
and other market data may be reviewed in the course of making a good faith determination of a securitys fair value. Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions,
interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the
Funds NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended
dilutive or accretive effect on the value of shareholders investments in the Fund.
Each investment asset or liability of the Fund is assigned a
level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities
are classified as Level 1,
inputs other than quoted prices for an asset or liability that are observable are classified as Level
2 and significant unobservable inputs, including the Sub-Advisers or Pricing Committees judgment about the assumptions that a market
participant would use in pricing an asset or liability are classified as Level 3. The inputs used for valuing securities are not
necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally
considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds investments under these levels of
classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending
balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and
transfers in or out of the Level 3 category during the period. The beginning of period timing recognition is used for the transfers between levels of
the Funds assets and liabilities. A reconciliation of Level 3 investments is presented only when the Fund has a significant amount of Level 3
investments.
B. Securities Transactions and Revenue
Recognition. Securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the
identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective
yield method. Dividend income is recorded on the ex-dividend date, or in the case of some foreign dividends, when the information becomes available to
the Fund.
C. Foreign Currency Translation.
The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following
basis:
(1)
|
|
Market value of investment securities, other assets and
liabilities at the exchange rates prevailing at Market Close.
|
(2)
|
|
Purchases and sales of investment securities, income and expenses
at the rates of exchange prevailing on the respective dates of such transactions.
|
Although the net assets and the market values are presented
at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign
exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the
net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition,
liabilities are recorded on the Statement
7
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
(continued)
of Assets and Liabilities for the estimated tax
withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of
foreign withholding tax.
Reported net realized foreign exchange gains or losses arise
from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference
between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other
than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain
considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not
limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less
liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with
respect to securities of issuers in emerging markets.
D. Distributions to Shareholders.
The Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Funds dividends and interest
income after payment of Fund expenses, net option premiums and net realized and unrealized gains on investments. Such quarterly distributions may also
consist of return of capital. Under the Managed Distribution Policy, the Fund may make periodic distributions of long-term capital gains more
frequently than once per taxable year. Distributions are recorded on the ex-dividend date. Distributions are determined annually in accordance with
federal tax regulations, which may differ from GAAP for investment companies.
The tax treatment and characterization of the Funds
distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written in its portfolio
versus gains or losses on the equity securities in the portfolio. Each quarter, the Fund will provide disclosures with distribution payments made that
estimate the percentages of that distribution that represent net investment income, other income or capital gains, and return of capital, if any. The
final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the Funds tax year,
and will be reported to shareholders at that time. A significant portion of the Funds distributions may
constitute a return of capital. The
amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the
common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.
E. Federal Income Taxes. It is the
policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies
and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income
tax or excise tax provision is not required. Management has considered the sustainability of the Funds tax positions taken on federal income tax
returns for all open tax years in making this determination. The Fund may utilize equalization accounting for tax purposes, whereby a portion of
redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative
Instruments. The Funds investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not
limited to, forward foreign currency exchange contracts, futures and purchased and written options. In doing so, the Fund will employ strategies in
differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow
the Fund to pursue its objectives more quickly and efficiently, than if it were to make direct purchases or sales of securities capable of affecting a
similar response to market or credit factors.
In pursuit of its investment objectives, the Fund may seek
to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt
instrument is likely to fall if the issuers actual or perceived financial health deteriorates, whether because of broad economic or
issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations
altogether.
Equity Risk. Stock prices may be volatile or
have reduced liquidity in response to real or perceived impacts of factors
8
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
(continued)
including, but not limited to, economic conditions,
changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods
when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and
stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or
developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to
achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that
the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is
subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions,
that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange
transactions.
Currency rates may fluctuate significantly over short
periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign
governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other
political or economic developments in the United States or abroad.
Interest Rate Risk. Changes in short-term
market interest rates will directly affect the yield on Common Shares. If short-term market interest rates fall, the yield on Common Shares will also
fall. To the extent that the interest rate spreads on loans in the Funds portfolio experience a general decline, the yield on the Common Shares
will fall and the value of the Funds assets may decrease, which will cause the Funds NAV to decrease. Conversely, when short-term market
interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Funds
portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the interest rate paid by such
securities generally will decrease when the market rate of interest to which the inverse security is indexed increases. With respect to investments in
fixed rate instruments, a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with
longer maturities or duration are more sensitive to changes in market interest rates.
As of the date of this report, the United States experiences
a low interest rate environment, which may increase the Funds exposure to risks associated with rising market interest rates. Rising market
interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility which could
reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income and related markets is
insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent
and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. The
Funds use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In
instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there
are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks,
including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to
changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the
magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and
exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used
for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When
used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash
investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.
Generally, derivatives are sophisticated financial
instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other
things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a
result are subject to credit risks related to the counterpartys ability or willingness to perform its obligations; any deterioration in the
counterpartys creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may
experience periods of illiquidity
9
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
(continued)
which could cause the Fund to hold a security it might
otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the
direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate
to the markets movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent
Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its
obligation to the Fund. The Funds derivative counterparties are financial institutions who are subject to market conditions that may weaken their
financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the
transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Funds International Swap and
Derivatives Association, Inc. (ISDA) Master Agreements (Master Agreements). These agreements are with select counterparties and
they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The
Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The
occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all
outstanding transactions under the applicable Master Agreement.
The Fund may also enter into collateral agreements with
certain counterparties to further mitigate counterparty credit risk associated with OTC derivative and forward foreign currency contracts. Subject to
established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain
counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities
issued by the U.S. government or related agencies.
As of August 31, 2021, the maximum amount of loss the Fund
would incur if the counterparties to its derivative transactions failed to perform would be $1,150,385 which represents the gross payments to be
received by the Fund on open forward foreign currency contracts were they to be unwound as of August 31, 2021. As of August 31, 2021, the Fund did not
receive any cash collateral for its open OTC derivative transactions.
The Funds master agreements with derivative
counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or
additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives
counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but
are not limited to, a percentage decrease in the Funds net assets and/or a percentage decrease in the Funds NAV, which could cause the Fund
to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master
Agreements.
Written options by the Fund do not give rise to counterparty
credit risk, as written options obligate the Fund to perform and not the counterparty. As of August 31, 2021, the Fund had a liability position of
$1,034,342 on open forward foreign currency contracts and written options with credit related contingent features. If a contingent feature would have
been triggered as of August 31, 2021, the Fund could have been required to pay this amount in cash to its counterparties. As of August 31, 2021, the
Fund had pledged $370,000 in cash collateral for its open OTC derivatives transactions. There were no credit events during the period ended August 31,
2021 that triggered any credit related contingent features.
H. Forward Foreign Currency Contracts and
Futures Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks
on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver
a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Funds net equity
therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of
entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized
gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk
in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the
terms of their contracts and from movement in currency and securities values and interest rates.
During the period ended August 31, 2021, the Fund used
forward foreign currency contracts to hedge its investments
10
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES
(continued)
in non-U.S. dollar denominated equity securities in an
attempt to decrease the volatility of the Funds NAV.
During the period ended August 31, 2021, the Fund had
average contract amounts on forward foreign currency contracts to buy and sell of $7,674,332 and $53,725,980, respectively. Please refer to the table
within the Portfolio of Investments for open forward foreign currency contracts at August 31, 2021.
The Fund may enter into futures contracts involving foreign
currency, interest rates, securities and securities indices. A futures contract is a commitment to buy or sell a specific amount of a financial
instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or
futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time when the Funds assets are valued.
Upon entering into a futures contract, the Fund is required
to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation
margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded
as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and
Liabilities. Open futures contracts are reported on a table following the Funds Portfolio of Investments. Securities held in collateralized
accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the
broker to cover initial margin requirements on open futures contracts are noted in the Funds Statement of Assets and Liabilities. The net change
in unrealized appreciation and depreciation is reported in the Funds Statement of Operations. Realized gains (losses) are reported in the
Funds Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of
the underlying financial instrument. The Fund purchases and sells futures contracts on various equity indices to enable the Fund to make market
directional tactical decisions to enhance returns, to protect against a decline in its assets or as a substitute for the purchase or sale of equity
securities. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund
is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract
will correlate imperfectly with the prices of the Funds securities. With futures, there is minimal counterparty credit risk to the Fund since
futures are exchange traded and the exchanges clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against
default.
The Fund did not enter into any futures contracts during the
period ended August 31, 2021.
I. Options Contracts. The Fund may
purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or
call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or
closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the
proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put
option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up
the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund
pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties
to meet the terms of the contract.
The Fund generates premiums and seeks gains by writing call
options on indices on a portion of the value of the equity portfolio. During the period ended August 31, 2021, the Fund had an average notional amount
of $92,129,320 on written equity options. Please refer to the table within the Portfolio of Investments for open written options contracts at August
31, 2021.
J. Indemnifications. In the normal
course of business, the Fund may enter into contracts that provide certain indemnifications. The Funds maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers
the risk of loss from such claims remote.
NOTE 3 INVESTMENT TRANSACTIONS
The cost of purchases and the proceeds from sales of
investments for the period ended August 31, 2021, excluding short-term securities, were $59,724,667 and $89,483,973, respectively.
11
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 4 INVESTMENT MANAGEMENT FEES
The Fund has entered into an investment management agreement
(Management Agreement) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The
Investment Adviser oversees all investment management and portfolio management services for the Fund and assists in managing and supervising all
aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing,
accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, payable
monthly, based on an annual rate of 0.85% of the Funds average daily managed assets. For purposes of the Management Agreement, managed assets are
defined as the Funds average daily gross asset value, minus the sum of the Funds accrued and unpaid dividends on any outstanding preferred
shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the
Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2021 there were no preferred shares
outstanding.
Effective May 24, 2021, in connection with the tender offer
discussed in Note 7, the Investment Adviser has agreed to waive 0.01% of the management fee through March 1, 2023. Any fees waived or reimbursed in
relation to this waiver are not eligible for recoupment.
The Investment Adviser has entered into a sub-advisory
agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily managed assets
of the Fund. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Funds assets in accordance with the
Funds investment objectives, policies and limitations.
NOTE 5 EXPENSE LIMITATION AGREEMENT
The Investment Adviser has entered into a written expense
limitation agreement (Expense Limitation Agreement) with the Fund under which it will limit the expenses of the Fund, excluding interest,
taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to 1.00% of average daily managed
assets.
With the exception of the non-recoupable management fee
waiver, the Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser
during the previous 36 months, but only if, after such recoupment, the Funds
expense ratio does not exceed the percentage described above. Waived
and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of
Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.
As of August 31, 2021, there are no amounts of waived and/or
reimbursed fees that are subject to possible recoupment by the Investment Adviser.
The Expense Limitation Agreement is contractual through
March 1, 2022 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the
Board.
NOTE 6 OTHER TRANSACTIONS WITH AFFILIATES AND RELATED
PARTIES
The Fund has adopted a deferred compensation plan (the
DC Plan), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the
trustees fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the
amounts deferred are invested in shares of the notional funds selected by the trustee (the Notional Funds). When the Fund
purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees deferred fees, this results
in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of Other assets on
the accompanying Statement of Assets and Liabilities. Deferral of trustees fees under the DC Plan will not affect net assets of the Fund, and
will not materially affect the Funds assets, liabilities or net investment income per share. Amounts will be deferred until distributed in
accordance with the DC Plan.
NOTE 7 TENDER OFFER
On February 22, 2021, the Fund announced it would purchase
for cash up to 10% of its outstanding common shares (the Tender Offer). The Tender Offer was at a price equal to 98% of the Funds NAV
per share as determined as of the close of the regular trading session of the NYSE on May 25, 2021. On May 25, 2021, 1,819,925 shares were accepted for
repurchase by the Fund in accordance with the terms of the Tender Offer. The shares were repurchased at a price of $10.33, 98% of the Funds NAV.
The Tender Offer was oversubscribed and all tenders of shares were subject to pro ration (at a ratio of approximately 0.3681) in accordance with the
terms of the Tender Offer. During the period ended August 31, 2021, the Fund incurred $142,000 of costs related to the Tender Offer.
12
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE 8 CAPITAL SHARES
Transactions in capital shares and dollars were as
follows:
Year or
period
|
|
Shares
repurchased
|
|
|
Shares
repurchased
in tender offer
|
|
|
Net
increase
(decrease)
in shares
outstanding
|
|
|
Shares
repurchased
|
|
|
Shares
repurchased
in tender offer
|
|
|
Net
increase
(decrease)
|
ended
|
|
#
|
|
|
#
|
|
|
#
|
|
|
($)
|
|
|
($)
|
|
|
($)
|
8/31/2021
|
|
|
|
|
|
(1,819,925
|
)
|
|
|
(1,819,925
|
)
|
|
|
|
|
|
|
(18,799,825
|
)
|
|
|
(18,799,825)
|
|
2/28/2021
|
|
(105,714
|
)
|
|
|
|
|
|
|
(105,714
|
)
|
|
|
(875,181
|
)
|
|
|
|
|
|
|
(875,181)
|
|
Share Repurchase Program
Effective April 1, 2021, pursuant to an open-market share
repurchase program, the Fund may purchase, over the period ending March 31, 2022, up to 10% of its stock in open-market transactions. Previously,
pursuant to an open-market share repurchase program effective April 1, 2020, the Fund could have purchased, over the period ended March 31, 2021, up to
10% of its stock in open-market transactions. The amount and timing of the repurchases will be at the discretion of the Funds management, subject
to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount level or in any
particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to
exchange requirements and volume, timing and other limitations under federal securities laws. The share repurchase program seeks to enhance shareholder
value by purchasing shares trading at a discount from their NAV per share. The open-market share repurchase program does not obligate the Fund to
repurchase any dollar amount or number of shares of its stock.
For the period ended August 31, 2021, the Fund had no
repurchases.
For the year ended February 28, 2021, the Fund repurchased
105,714 shares, representing approximately 0.58% of the Funds outstanding shares for a net purchase price of $875,181 (including commissions of
$2,643). Shares were repurchased at a weighted-average discount from NAV per share of 14.16% and a weighted-average price per share of
$8.25.
NOTE 9 FEDERAL INCOME TAXES
The amount of distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These
book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences are not reclassified. Key differences
include the treatment of foreign currency transactions, capital loss
carryforwards, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income
and/or net realized capital gains for tax purposes are reported as return of capital.
Dividends paid by the Fund from net investment income and
distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to
shareholders.
The tax composition of dividends and distributions in the
current period will not be determined until after the Funds tax year-end of December 31, 2021. The tax composition of dividends and distributions
as of the Funds most recent tax year-ends was as follows:
Tax Year Ended
December 31, 2020
|
|
Tax
Year Ended
December 31, 2019
|
Ordinary
Income
|
|
Long-term
Capital Gain
|
|
Return
of Capital
|
|
Ordinary
Income
|
|
Long-term
Capital Gain
|
|
$2,311,099
|
|
$
|
7,323,759
|
|
|
$
|
1,168,474
|
|
|
$
|
7,433,745
|
|
|
$
|
8,015,646
|
|
|
The tax-basis components of distributable earnings and the
capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2020
were:
Late Year
Ordinary
Losses
|
|
|
Unrealized
Appreciation/
|
|
Capital
Loss Carryforwards
|
|
Deferred
|
|
|
(Depreciation)
|
|
|
Amount
|
|
|
|
Character
|
|
|
|
Expiration
|
|
$(2,077,309)
|
|
|
$
|
16,231,401
|
|
|
$
|
(15,943,655
|
)
|
|
|
Short-term
|
|
|
|
None
|
|
|
|
|
|
|
|
|
|
(2,243,092)
|
|
|
|
Long-term
|
|
|
|
None
|
|
|
|
|
|
|
|
|
$
|
(18,186,747
|
)
|
|
|
|
|
|
|
|
|
The Funds major tax jurisdictions
are U.S. federal and Arizona state.
As of August 31, 2021, no provision
for income tax is required in the Funds financial statements as a result of tax positions taken on federal
and state income tax returns for open tax years. The Funds federal and state income and federal excise
tax returns for tax years for which the applicable statutes of limitations have not expired are subject to
examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four
tax years remain subject to examination by these jurisdictions.
13
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021
(UNAUDITED) (CONTINUED)
NOTE
10 LONDON INTERBANK OFFERED RATE (LIBOR)
The U.K. Financial Conduct Authority
has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and
it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by
regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies.
The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserves Alternative
Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun
publishing a Secured Overnight Funding Rate (SOFR) that is intended to replace U.S. dollar LIBOR.
Proposals for alternative reference rates for other currencies have also been announced or have already begun
publication.
Discontinuance of LIBOR and adoption/implementation
of alternative rates pose a number of risks, including among others whether any substitute rate will experience
the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on
parties existing contractual arrangements, hedging transactions, and investment strategies generally
from a conversion from LIBOR to alternative rates; the effect on the Funds existing investments (including,
for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including
the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage
of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult
to predict at this time the likely impact of the transition away from LIBOR on the Fund. On November 30, 2020,
the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications
until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021.
NOTE 11 MARKET DISRUPTION
The Fund is subject to the risk
that geopolitical events will disrupt securities markets and adversely affect global economies and markets.
Due to the increasing interdependence among global economies and markets, conditions in one country, market,
or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including
the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led,
and in the future may lead, to increased market volatility and may have adverse short- or long-term effects
on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may
continue to
result,
in significant market volatility, exchange trading suspensions and closures, declines
in global financial markets, higher default rates, and a substantial economic downturn
in economies throughout the world. Natural and environmental disasters and systemic market
dislocations
are also highly disruptive to economies
and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political
conditions also could adversely affect individual issuers or related groups of issuers, securities markets,
interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the
investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the
Fund and of the Funds service providers.
NOTE 12 OTHER ACCOUNTING PRONOUNCEMENTS
In March 2020, the Financial Accounting
Standards Board issued Accounting Standards Update No. 2020-04 (ASU 2020-04), Reference Rate Reform
(Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments
in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract
modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates
as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that
occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact,
if any, of applying ASU 2020-04.
NOTE 13 SUBSEQUENT EVENTS
Dividends: Subsequent to
August 31, 2021, the Fund made a distribution of:
Per Share
Amount
|
|
Declaration
Date
|
|
Payable
Date
|
|
Record
Date
|
|
$0.197
|
|
9/15/2021
|
|
10/15/2021
|
|
10/4/2021
|
|
Each quarter, the Fund will provide
disclosures with distribution payments made that estimate the percentages of that distribution that represent
net investment income, capital gains, and return of capital, if any. A significant portion of the quarterly
distribution payments made by the Fund may constitute a return of capital.
The Fund has evaluated events occurring
after the Statement of Assets and Liabilities date through the date that the financial statements were issued
(subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure
in the financial statements. Other than the above, no such subsequent events were identified.
14
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO OF INVESTMENTS
AS OF AUGUST 31, 2021 (UNAUDITED)
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: 96.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,647
|
|
|
|
|
|
ASX
Ltd.
|
|
$
|
745,433
|
|
|
|
0.4
|
|
124,503
|
|
|
|
|
|
Aurizon Holdings Ltd.
|
|
|
342,537
|
|
|
|
0.2
|
|
12,990
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd.
|
|
|
262,920
|
|
|
|
0.2
|
|
29,411
|
|
|
|
|
|
BHP
Group Ltd.
|
|
|
973,111
|
|
|
|
0.6
|
|
37,040
|
|
|
|
|
|
Brambles Ltd.
|
|
|
327,408
|
|
|
|
0.2
|
|
24,947
|
|
|
|
|
|
Goodman Group
|
|
|
421,358
|
|
|
|
0.2
|
|
163,756
|
|
|
|
|
|
Medibank Pvt Ltd.
|
|
|
424,261
|
|
|
|
0.2
|
|
12,318
|
|
|
|
|
|
Rio
Tinto Ltd.
|
|
|
1,002,256
|
|
|
|
0.6
|
|
13,334
|
|
|
|
|
|
Wesfarmers Ltd.
|
|
|
582,383
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
5,081,667
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,994
|
|
|
|
|
|
BCE,
Inc.
|
|
|
886,304
|
|
|
|
0.5
|
|
9,865
|
|
|
|
|
|
Canadian Imperial Bank of Commerce-XTSE
|
|
|
1,134,868
|
|
|
|
0.6
|
|
6,241
|
|
|
|
|
|
Canadian Natural Resources Ltd.
|
|
|
206,525
|
|
|
|
0.1
|
|
119
|
|
|
|
|
|
Constellation Software, Inc.
|
|
|
201,676
|
|
|
|
0.1
|
|
8,425
|
|
|
|
|
|
National Bank Of Canada
|
|
|
668,711
|
|
|
|
0.4
|
|
14,358
|
|
|
|
|
|
Pembina Pipeline Corp.
|
|
|
437,574
|
|
|
|
0.2
|
|
16,182
|
|
|
|
|
|
Quebecor, Inc.
|
|
|
403,764
|
|
|
|
0.2
|
|
13,058
|
|
|
|
|
|
Royal
Bank of Canada
|
|
|
1,341,352
|
|
|
|
0.8
|
|
44,900
|
|
|
|
|
|
TELUS
Corp.
|
|
|
1,034,552
|
|
|
|
0.6
|
|
9,323
|
|
|
|
|
|
Waste Connections, Inc.
|
|
|
1,204,625
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
7,519,951
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,500
|
|
|
|
|
|
BOC Hong Kong Holdings Ltd.
|
|
|
824,633
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88
|
|
|
|
|
|
AP
Moller-Maersk A/S-Class B
|
|
|
250,691
|
|
|
|
0.1
|
|
9,304
|
|
|
|
|
|
Novozymes A/S
|
|
|
752,108
|
|
|
|
0.4
|
|
27,523
|
|
|
|
|
|
Tryg A/S
|
|
|
681,479
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
1,684,278
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,306
|
|
|
|
|
|
Kone
Oyj
|
|
|
938,175
|
|
|
|
0.5
|
|
63,170
|
|
|
|
|
|
Nordea Bank Abp
|
|
|
741,934
|
|
|
|
0.4
|
|
5,543
|
|
|
|
|
|
Orion Oyj
|
|
|
226,099
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
1,906,208
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,729
|
|
|
|
|
|
Air
Liquide SA
|
|
|
668,394
|
|
|
|
0.4
|
|
7,179
|
|
|
|
|
|
Cie
de Saint-Gobain
|
|
|
520,427
|
|
|
|
0.3
|
|
3,675
|
|
|
|
|
|
Dassault Systemes SE
|
|
|
209,901
|
|
|
|
0.1
|
|
3,839
|
|
|
|
|
|
Legrand S.A.
|
|
|
440,464
|
|
|
|
0.2
|
|
49,344
|
|
|
|
|
|
Orange SA
|
|
|
561,001
|
|
|
|
0.3
|
|
3,566
|
|
|
|
|
|
Schneider Electric SE
|
|
|
637,124
|
|
|
|
0.4
|
|
1,451
|
|
|
|
|
|
SEB
SA
|
|
|
228,405
|
|
|
|
0.1
|
|
7,929
|
|
|
|
|
|
Vivendi SE
|
|
|
302,028
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
3,567,744
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,052
|
|
|
|
|
|
Deutsche Boerse AG
|
|
|
353,881
|
|
|
|
0.2
|
|
19,125
|
|
|
|
|
|
Deutsche Post AG
|
|
|
1,344,661
|
|
|
|
0.8
|
|
56,544
|
|
|
|
|
|
Deutsche Telekom AG
|
|
|
1,202,308
|
|
|
|
0.7
|
|
15,264
|
|
|
|
|
|
RWE
AG
|
|
|
596,025
|
|
|
|
0.3
|
|
1,500
|
|
|
|
|
|
Siemens AG
|
|
|
248,842
|
|
|
|
0.1
|
|
5,544
|
|
|
|
|
|
Symrise AG
|
|
|
788,966
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
4,534,683
|
|
|
|
2.5
|
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: (continued)
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
CK
Hutchison Holdings Ltd.
|
|
$
|
364,505
|
|
|
|
0.2
|
|
74,500
|
|
|
|
|
|
CLP
Holdings Ltd.
|
|
|
744,697
|
|
|
|
0.4
|
|
11,500
|
|
|
|
|
|
Hong
Kong Exchanges and Clearing Ltd.
|
|
|
726,502
|
|
|
|
0.4
|
|
79,500
|
|
|
|
|
|
Power Assets Holdings Ltd.
|
|
|
498,944
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
2,334,648
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,405
|
|
|
|
|
|
CRH
PLC
|
|
|
286,335
|
|
|
|
0.1
|
|
10,862
|
|
|
|
|
|
Medtronic PLC
|
|
|
1,449,860
|
|
|
|
0.8
|
|
8,401
|
|
|
|
(1)
|
|
Smurfit Kappa PLC
|
|
|
481,493
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
2,217,688
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,950
|
|
|
|
|
|
Bank Leumi Le-Israel BM
|
|
|
511,782
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,570
|
|
|
|
|
|
DiaSorin SpA
|
|
|
358,193
|
|
|
|
0.2
|
|
21,329
|
|
|
|
|
|
ENI
S.p.A.
|
|
|
263,148
|
|
|
|
0.2
|
|
29,516
|
|
|
|
(1)
|
|
FinecoBank Banca Fineco SpA
|
|
|
543,745
|
|
|
|
0.3
|
|
296,117
|
|
|
|
|
|
Intesa Sanpaolo SpA
|
|
|
837,968
|
|
|
|
0.5
|
|
26,707
|
|
|
|
(2)
|
|
Poste
Italiane SpA
|
|
|
362,092
|
|
|
|
0.2
|
|
73,435
|
|
|
|
|
|
Terna-Rete Elettrica Nazionale
|
|
|
580,875
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
2,946,021
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,900
|
|
|
|
|
|
Dai
Nippon Printing Co., Ltd.
|
|
|
306,501
|
|
|
|
0.2
|
|
236,000
|
|
|
|
|
|
ENEOS
Holdings, Inc.
|
|
|
912,121
|
|
|
|
0.5
|
|
3,100
|
|
|
|
|
|
Hoya
Corp.
|
|
|
500,601
|
|
|
|
0.3
|
|
8,400
|
|
|
|
|
|
Idemitsu Kosan Co., Ltd.
|
|
|
201,185
|
|
|
|
0.1
|
|
19,400
|
|
|
|
|
|
Japan
Tobacco, Inc.
|
|
|
376,410
|
|
|
|
0.2
|
|
6,700
|
|
|
|
|
|
Lawson, Inc.
|
|
|
322,245
|
|
|
|
0.2
|
|
8,300
|
|
|
|
|
|
Lixil
Corp.
|
|
|
241,544
|
|
|
|
0.1
|
|
4,300
|
|
|
|
|
|
McDonalds Holdings Co. Japan Ltd.
|
|
|
205,106
|
|
|
|
0.1
|
|
76,000
|
|
|
|
|
|
Mitsubishi UFJ Financial Group, Inc.
|
|
|
412,334
|
|
|
|
0.2
|
|
1,500
|
|
|
|
|
|
Nintendo Co., Ltd.
|
|
|
720,659
|
|
|
|
0.4
|
|
24,300
|
|
|
|
|
|
Nippon Telegraph & Telephone Corp.
|
|
|
647,420
|
|
|
|
0.4
|
|
4,300
|
|
|
|
|
|
Nissan Chemical Corp.
|
|
|
241,088
|
|
|
|
0.1
|
|
2,100
|
|
|
|
|
|
Nitto
Denko Corp.
|
|
|
159,308
|
|
|
|
0.1
|
|
23,700
|
|
|
|
|
|
Osaka
Gas Co., Ltd.
|
|
|
444,256
|
|
|
|
0.2
|
|
2,300
|
|
|
|
|
|
Rohm
Co., Ltd.
|
|
|
221,115
|
|
|
|
0.1
|
|
10,000
|
|
|
|
|
|
Secom
Co., Ltd.
|
|
|
758,327
|
|
|
|
0.4
|
|
32,100
|
|
|
|
|
|
Sekisui House Ltd.
|
|
|
639,535
|
|
|
|
0.4
|
|
800
|
|
|
|
|
|
SMC
Corp.
|
|
|
511,879
|
|
|
|
0.3
|
|
87,800
|
|
|
|
|
|
SoftBank Corp.
|
|
|
1,175,013
|
|
|
|
0.7
|
|
4,800
|
|
|
|
|
|
Sohgo
Security Services Co., Ltd.
|
|
|
217,447
|
|
|
|
0.1
|
|
32,200
|
|
|
|
|
|
Sumitomo Chemical Co., Ltd.
|
|
|
163,242
|
|
|
|
0.1
|
|
21,100
|
|
|
|
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
728,282
|
|
|
|
0.4
|
|
25,700
|
|
|
|
|
|
Sumitomo Mitsui Trust Holdings, Inc.
|
|
|
839,445
|
|
|
|
0.5
|
|
30,300
|
|
|
|
|
|
T&D Holdings, Inc.
|
|
|
368,769
|
|
|
|
0.2
|
|
16,200
|
|
|
|
|
|
Tokyo
Gas Co., Ltd.
|
|
|
311,409
|
|
|
|
0.2
|
|
13,300
|
|
|
|
|
|
Trend
Micro, Inc.
|
|
|
728,564
|
|
|
|
0.4
|
|
See Accompanying Notes to Financial
Statements
15
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO
OF INVESTMENTS
AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: (continued)
|
|
|
|
|
|
|
|
|
|
|
|
2,600
|
|
|
|
|
|
Tsuruha Holdings, Inc.
|
|
$
|
326,447
|
|
|
|
0.2
|
|
10,400
|
|
|
|
|
|
Welcia Holdings Co. Ltd.
|
|
|
366,750
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
13,047,002
|
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,027
|
|
|
|
|
|
ASM
International NV
|
|
|
398,468
|
|
|
|
0.2
|
|
20,952
|
|
|
|
|
|
Koninklijke Ahold Delhaize NV
|
|
|
706,866
|
|
|
|
0.4
|
|
3,786
|
|
|
|
|
|
Koninklijke Philips NV
|
|
|
174,471
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
1,279,805
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,867
|
|
|
|
|
|
Spark New Zealand Ltd.
|
|
|
209,001
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,687
|
|
|
|
|
|
Yara International ASA
|
|
|
235,395
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,800
|
|
|
|
|
|
Singapore Exchange Ltd.
|
|
|
394,879
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,508
|
|
|
|
|
|
Endesa S.A.
|
|
|
685,394
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,165
|
|
|
|
|
|
Swedish Match AB
|
|
|
491,175
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
234
|
|
|
|
|
|
Geberit AG-Reg
|
|
|
195,415
|
|
|
|
0.1
|
|
9,891
|
|
|
|
|
|
Holcim Ltd.
|
|
|
563,604
|
|
|
|
0.3
|
|
550
|
|
|
|
|
|
Roche
Holding AG
|
|
|
220,855
|
|
|
|
0.2
|
|
973
|
|
|
|
|
|
Sonova Holding AG-Reg
|
|
|
374,964
|
|
|
|
0.2
|
|
2,456
|
|
|
|
|
|
Zurich Insurance Group AG
|
|
|
1,077,672
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
2,432,510
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,974
|
|
|
|
|
|
3i
Group PLC
|
|
|
606,429
|
|
|
|
0.3
|
|
21,646
|
|
|
|
|
|
British American Tobacco PLC
|
|
|
812,017
|
|
|
|
0.5
|
|
84,769
|
|
|
|
|
|
Direct Line Insurance Group PLC
|
|
|
360,124
|
|
|
|
0.2
|
|
54,713
|
|
|
|
|
|
GlaxoSmithKline PLC
|
|
|
1,100,588
|
|
|
|
0.6
|
|
9,813
|
|
|
|
|
|
Hikma
Pharmaceuticals PLC
|
|
|
342,521
|
|
|
|
0.2
|
|
27,715
|
|
|
|
|
|
Imperial Brands PLC
|
|
|
587,748
|
|
|
|
0.3
|
|
5,460
|
|
|
|
|
|
Janus
Henderson Group PLC
|
|
|
236,746
|
|
|
|
0.1
|
|
2,248
|
|
|
|
|
|
London Stock Exchange Group PLC
|
|
|
246,255
|
|
|
|
0.1
|
|
7,833
|
|
|
|
|
|
Reckitt Benckiser Group PLC
|
|
|
597,983
|
|
|
|
0.3
|
|
64,145
|
|
|
|
|
|
Sage
Group PLC/The
|
|
|
655,085
|
|
|
|
0.4
|
|
19,198
|
|
|
|
|
|
Segro
PLC
|
|
|
339,308
|
|
|
|
0.2
|
|
23,442
|
|
|
|
|
|
Standard Chartered PLC
|
|
|
146,188
|
|
|
|
0.1
|
|
21,823
|
|
|
|
|
|
United Utilities Group PLC
|
|
|
317,362
|
|
|
|
0.2
|
|
492,964
|
|
|
|
|
|
Vodafone Group PLC
|
|
|
827,971
|
|
|
|
0.5
|
|
760
|
|
|
|
|
|
Willis Towers Watson PLC
|
|
|
167,747
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
7,344,072
|
|
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,239
|
|
|
|
|
|
AbbVie, Inc.
|
|
|
2,202,906
|
|
|
|
1.2
|
|
9,246
|
|
|
|
|
|
Aflac, Inc.
|
|
|
524,063
|
|
|
|
0.3
|
|
6,714
|
|
|
|
|
|
Agilent Technologies, Inc.
|
|
|
1,178,106
|
|
|
|
0.7
|
|
1,153
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc.
|
|
|
237,945
|
|
|
|
0.1
|
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: (continued)
|
|
|
|
|
|
|
|
|
|
|
United States: (continued)
|
5,974
|
|
|
|
|
|
Allison Transmission Holdings, Inc.
|
|
$
|
220,919
|
|
|
|
0.1
|
|
2,072
|
|
|
|
|
|
Allstate Corp.
|
|
|
280,300
|
|
|
|
0.2
|
|
6,409
|
|
|
|
|
|
Ally
Financial, Inc.
|
|
|
339,036
|
|
|
|
0.2
|
|
28,623
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
1,437,733
|
|
|
|
0.8
|
|
11,812
|
|
|
|
|
|
Amdocs Ltd.
|
|
|
909,878
|
|
|
|
0.5
|
|
8,739
|
|
|
|
|
|
American Homes 4 Rent
|
|
|
366,514
|
|
|
|
0.2
|
|
1,563
|
|
|
|
|
|
American Tower Corp.
|
|
|
456,662
|
|
|
|
0.3
|
|
6,817
|
|
|
|
|
|
American Water Works Co., Inc.
|
|
|
1,242,398
|
|
|
|
0.7
|
|
1,513
|
|
|
|
|
|
Ameriprise Financial, Inc.
|
|
|
412,913
|
|
|
|
0.2
|
|
1,253
|
|
|
|
|
|
Ametek, Inc.
|
|
|
170,370
|
|
|
|
0.1
|
|
5,465
|
|
|
|
|
|
Amgen, Inc.
|
|
|
1,232,521
|
|
|
|
0.7
|
|
90,105
|
|
|
|
|
|
Antero Midstream Corp.
|
|
|
865,909
|
|
|
|
0.5
|
|
1,201
|
|
|
|
|
|
Anthem, Inc.
|
|
|
450,531
|
|
|
|
0.3
|
|
2,710
|
|
|
|
|
|
AO
Smith Corp.
|
|
|
197,071
|
|
|
|
0.1
|
|
4,293
|
|
|
|
|
|
Aptargroup, Inc.
|
|
|
578,696
|
|
|
|
0.3
|
|
7,479
|
|
|
|
|
|
Avnet, Inc.
|
|
|
302,600
|
|
|
|
0.2
|
|
1,934
|
|
|
|
|
|
Bank
of Hawaii Corp.
|
|
|
162,089
|
|
|
|
0.1
|
|
14,536
|
|
|
|
|
|
Bank
OZK
|
|
|
616,763
|
|
|
|
0.3
|
|
3,984
|
|
|
|
|
|
Becton Dickinson & Co.
|
|
|
1,002,773
|
|
|
|
0.6
|
|
1,784
|
|
|
|
|
|
Blackrock, Inc.
|
|
|
1,682,829
|
|
|
|
0.9
|
|
13,816
|
|
|
|
|
|
Blackstone, Inc.
|
|
|
1,737,086
|
|
|
|
1.0
|
|
10,516
|
|
|
|
|
|
Booz
Allen Hamilton Holding Corp.
|
|
|
861,366
|
|
|
|
0.5
|
|
25,565
|
|
|
|
|
|
Bristol-Myers Squibb Co.
|
|
|
1,709,276
|
|
|
|
1.0
|
|
3,997
|
|
|
|
|
|
Brookfield Renewable Corp.
|
|
|
175,163
|
|
|
|
0.1
|
|
1,570
|
|
|
|
|
|
Carlisle Cos., Inc.
|
|
|
330,862
|
|
|
|
0.2
|
|
946
|
|
|
|
|
|
Chemed Corp.
|
|
|
450,958
|
|
|
|
0.3
|
|
3,485
|
|
|
|
|
|
Chevron Corp.
|
|
|
337,243
|
|
|
|
0.2
|
|
3,434
|
|
|
|
|
|
Church & Dwight Co., Inc.
|
|
|
287,288
|
|
|
|
0.2
|
|
1,090
|
|
|
|
|
|
Cigna
Corp.
|
|
|
230,699
|
|
|
|
0.1
|
|
41,824
|
|
|
|
|
|
Cisco
Systems, Inc.
|
|
|
2,468,453
|
|
|
|
1.4
|
|
8,227
|
|
|
|
|
|
Citigroup, Inc.
|
|
|
591,604
|
|
|
|
0.3
|
|
15,608
|
|
|
|
|
|
Colgate-Palmolive Co.
|
|
|
1,216,644
|
|
|
|
0.7
|
|
8,895
|
|
|
|
|
|
Commerce Bancshares, Inc.
|
|
|
629,054
|
|
|
|
0.4
|
|
10,848
|
|
|
|
|
|
ConocoPhillips
|
|
|
602,389
|
|
|
|
0.3
|
|
7,271
|
|
|
|
|
|
Coresite Realty Corp.
|
|
|
1,078,798
|
|
|
|
0.6
|
|
16,286
|
|
|
|
|
|
Corporate Office Properties Trust SBI MD
|
|
|
458,940
|
|
|
|
0.3
|
|
832
|
|
|
|
|
|
Deere
& Co.
|
|
|
314,521
|
|
|
|
0.2
|
|
3,886
|
|
|
|
|
|
Dollar General Corp.
|
|
|
866,228
|
|
|
|
0.5
|
|
2,441
|
|
|
|
(1)
|
|
DT
Midstream, Inc.
|
|
|
113,433
|
|
|
|
0.1
|
|
4,883
|
|
|
|
|
|
DTE
Energy Co.
|
|
|
587,620
|
|
|
|
0.3
|
|
4,854
|
|
|
|
|
|
Duke
Energy Corp.
|
|
|
508,020
|
|
|
|
0.3
|
|
6,265
|
|
|
|
|
|
Duke
Realty Corp.
|
|
|
328,975
|
|
|
|
0.2
|
|
6,989
|
|
|
|
|
|
Electronic Arts, Inc.
|
|
|
1,014,873
|
|
|
|
0.6
|
|
2,042
|
|
|
|
|
|
Emerson Electric Co.
|
|
|
215,431
|
|
|
|
0.1
|
|
8,406
|
|
|
|
|
|
Entergy Corp.
|
|
|
929,788
|
|
|
|
0.5
|
|
825
|
|
|
|
|
|
Equinix, Inc.
|
|
|
695,846
|
|
|
|
0.4
|
|
111,435
|
|
|
|
|
|
Equitrans Midstream Corp.
|
|
|
972,828
|
|
|
|
0.5
|
|
1,571
|
|
|
|
|
|
Everest Re Group Ltd.
|
|
|
416,158
|
|
|
|
0.2
|
|
16,083
|
|
|
|
|
|
Evergy, Inc.
|
|
|
1,100,881
|
|
|
|
0.6
|
|
4,612
|
|
|
|
|
|
Exelon Corp.
|
|
|
226,080
|
|
|
|
0.1
|
|
2,003
|
|
|
|
|
|
FedEx
Corp.
|
|
|
532,177
|
|
|
|
0.3
|
|
8,598
|
|
|
|
|
|
First
American Financial Corp.
|
|
|
606,417
|
|
|
|
0.3
|
|
5,415
|
|
|
|
|
|
First
Industrial Realty Trust, Inc.
|
|
|
303,186
|
|
|
|
0.2
|
|
31,448
|
|
|
|
|
|
Flowers Foods, Inc.
|
|
|
758,840
|
|
|
|
0.4
|
|
3,823
|
|
|
|
|
|
FMC
Corp.
|
|
|
357,948
|
|
|
|
0.2
|
|
See Accompanying Notes to Financial
Statements
16
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO
OF INVESTMENTS
AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: (continued)
|
|
|
|
|
|
|
|
|
|
|
United States: (continued)
|
11,184
|
|
|
|
|
|
Gaming and Leisure Properties, Inc.
|
|
$
|
551,371
|
|
|
|
0.3
|
|
3,905
|
|
|
|
|
|
Garmin Ltd.
|
|
|
681,149
|
|
|
|
0.4
|
|
16,083
|
|
|
|
|
|
General Mills, Inc.
|
|
|
929,758
|
|
|
|
0.5
|
|
3,699
|
|
|
|
|
|
Genpact Ltd.
|
|
|
191,904
|
|
|
|
0.1
|
|
24,456
|
|
|
|
|
|
Gentex Corp.
|
|
|
753,245
|
|
|
|
0.4
|
|
21,079
|
|
|
|
|
|
Gilead Sciences, Inc.
|
|
|
1,534,130
|
|
|
|
0.9
|
|
23,843
|
|
|
|
|
|
GrafTech International Ltd.
|
|
|
263,942
|
|
|
|
0.1
|
|
4,498
|
|
|
|
|
|
Hanover Insurance Group, Inc.
|
|
|
635,612
|
|
|
|
0.4
|
|
5,421
|
|
|
|
|
|
Hershey Co.
|
|
|
963,312
|
|
|
|
0.5
|
|
3,578
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
829,774
|
|
|
|
0.5
|
|
496
|
|
|
|
|
|
Humana, Inc.
|
|
|
201,088
|
|
|
|
0.1
|
|
16,204
|
|
|
|
|
|
International Paper Co.
|
|
|
973,698
|
|
|
|
0.5
|
|
2,152
|
|
|
|
|
|
Intuit, Inc.
|
|
|
1,218,269
|
|
|
|
0.7
|
|
16,356
|
|
|
|
|
|
Invitation Homes, Inc.
|
|
|
673,540
|
|
|
|
0.4
|
|
18,585
|
|
|
|
|
|
Johnson & Johnson
|
|
|
3,217,621
|
|
|
|
1.8
|
|
11,353
|
|
|
|
|
|
Johnson Controls International plc
|
|
|
849,204
|
|
|
|
0.5
|
|
10,560
|
|
|
|
|
|
JPMorgan Chase & Co.
|
|
|
1,689,072
|
|
|
|
0.9
|
|
5,719
|
|
|
|
|
|
Kimberly-Clark Corp.
|
|
|
788,135
|
|
|
|
0.4
|
|
37,467
|
|
|
|
|
|
Kinder Morgan, Inc.
|
|
|
609,588
|
|
|
|
0.3
|
|
17,528
|
|
|
|
|
|
Knight-Swift Transportation Holdings, Inc.
|
|
|
910,229
|
|
|
|
0.5
|
|
4,888
|
|
|
|
|
|
Kroger Co.
|
|
|
224,995
|
|
|
|
0.1
|
|
13,269
|
|
|
|
|
|
Lazard Ltd.
|
|
|
628,951
|
|
|
|
0.4
|
|
4,129
|
|
|
|
|
|
Leidos Holdings, Inc.
|
|
|
405,096
|
|
|
|
0.2
|
|
4,526
|
|
|
|
|
|
Life
Storage, Inc.
|
|
|
563,215
|
|
|
|
0.3
|
|
1,713
|
|
|
|
|
|
LPL
Financial Holdings, Inc.
|
|
|
253,267
|
|
|
|
0.1
|
|
1,455
|
|
|
|
|
|
MarketAxess Holdings, Inc.
|
|
|
692,464
|
|
|
|
0.4
|
|
11,371
|
|
|
|
|
|
Masco
Corp.
|
|
|
690,447
|
|
|
|
0.4
|
|
1,594
|
|
|
|
|
|
McDonalds Corp.
|
|
|
378,511
|
|
|
|
0.2
|
|
4,775
|
|
|
|
|
|
McKesson Corp.
|
|
|
974,769
|
|
|
|
0.5
|
|
26,532
|
|
|
|
|
|
Merck
& Co., Inc.
|
|
|
2,024,126
|
|
|
|
1.1
|
|
3,742
|
|
|
|
|
|
Microsoft Corp.
|
|
|
1,129,635
|
|
|
|
0.6
|
|
8,414
|
|
|
|
|
|
Mondelez International, Inc.
|
|
|
522,257
|
|
|
|
0.3
|
|
3,019
|
|
|
|
|
|
MSC
Industrial Direct Co.
|
|
|
254,230
|
|
|
|
0.1
|
|
1,846
|
|
|
|
|
|
MSCI,
Inc.-Class A
|
|
|
1,171,435
|
|
|
|
0.7
|
|
6,975
|
|
|
|
|
|
Nasdaq, Inc.
|
|
|
1,365,566
|
|
|
|
0.8
|
|
6,787
|
|
|
|
|
|
National Fuel Gas Co.
|
|
|
351,635
|
|
|
|
0.2
|
|
7,375
|
|
|
|
|
|
National Storage Affiliates Trust
|
|
|
422,219
|
|
|
|
0.2
|
|
936
|
|
|
|
|
|
NewMarket Corp.
|
|
|
327,347
|
|
|
|
0.2
|
|
26,226
|
|
|
|
|
|
NiSource, Inc.
|
|
|
646,471
|
|
|
|
0.4
|
|
23,878
|
|
|
|
|
|
Old
Republic International Corp.
|
|
|
620,828
|
|
|
|
0.3
|
|
14,867
|
|
|
|
|
|
Omega
Healthcare Investors, Inc.
|
|
|
498,491
|
|
|
|
0.3
|
|
6,572
|
|
|
|
|
|
Packaging Corp. of America
|
|
|
996,972
|
|
|
|
0.6
|
|
9,872
|
|
|
|
|
|
PepsiCo, Inc.
|
|
|
1,543,882
|
|
|
|
0.9
|
|
55,702
|
|
|
|
|
|
Pfizer, Inc.
|
|
|
2,566,191
|
|
|
|
1.4
|
|
15,254
|
|
|
|
|
|
Philip Morris International, Inc.
|
|
|
1,571,162
|
|
|
|
0.9
|
|
8,737
|
|
|
|
|
|
Phillips 66
|
|
|
621,113
|
|
|
|
0.3
|
|
3,453
|
|
|
|
|
|
Pinnacle West Capital Corp.
|
|
|
265,536
|
|
|
|
0.2
|
|
13,255
|
|
|
|
|
|
Procter & Gamble Co.
|
|
|
1,887,379
|
|
|
|
1.1
|
|
11,127
|
|
|
|
|
|
Progressive Corp.
|
|
|
1,071,975
|
|
|
|
0.6
|
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK: (continued)
|
|
|
|
|
|
|
|
|
|
|
United States: (continued)
|
4,472
|
|
|
|
|
|
Prosperity Bancshares, Inc.
|
|
$
|
312,503
|
|
|
|
0.2
|
|
10,149
|
|
|
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
648,927
|
|
|
|
0.4
|
|
5,548
|
|
|
|
|
|
Qualcomm, Inc.
|
|
|
813,836
|
|
|
|
0.5
|
|
1,293
|
|
|
|
|
|
Regal
Beloit Corp.
|
|
|
193,200
|
|
|
|
0.1
|
|
12,186
|
|
|
|
|
|
Regions Financial Corp.
|
|
|
248,960
|
|
|
|
0.1
|
|
9,957
|
|
|
|
|
|
Republic Services, Inc.
|
|
|
1,235,962
|
|
|
|
0.7
|
|
1,455
|
|
|
|
|
|
Rockwell Automation, Inc.
|
|
|
473,530
|
|
|
|
0.3
|
|
2,251
|
|
|
|
|
|
Roper
Technologies, Inc.
|
|
|
1,087,863
|
|
|
|
0.6
|
|
8,059
|
|
|
|
|
|
Royal
Gold, Inc.
|
|
|
897,209
|
|
|
|
0.5
|
|
3,951
|
|
|
|
|
|
Ryder
System, Inc.
|
|
|
314,065
|
|
|
|
0.2
|
|
2,536
|
|
|
|
|
|
S&P Global, Inc.
|
|
|
1,125,528
|
|
|
|
0.6
|
|
15,657
|
|
|
|
|
|
Service Corp. International
|
|
|
982,633
|
|
|
|
0.6
|
|
10,018
|
|
|
|
|
|
Silgan Holdings, Inc.
|
|
|
425,064
|
|
|
|
0.2
|
|
3,632
|
|
|
|
|
|
Stifel Financial Corp.
|
|
|
250,971
|
|
|
|
0.1
|
|
3,341
|
|
|
|
|
|
Sun
Communities, Inc.
|
|
|
673,178
|
|
|
|
0.4
|
|
30,234
|
|
|
|
|
|
Switch, Inc.
|
|
|
750,106
|
|
|
|
0.4
|
|
8,971
|
|
|
|
|
|
Synchrony Financial
|
|
|
446,307
|
|
|
|
0.3
|
|
3,005
|
|
|
|
|
|
SYNNEX Corp.
|
|
|
381,845
|
|
|
|
0.2
|
|
6,651
|
|
|
|
|
|
T.
Rowe Price Group, Inc.
|
|
|
1,488,959
|
|
|
|
0.8
|
|
7,250
|
|
|
|
|
|
Target Corp.
|
|
|
1,790,605
|
|
|
|
1.0
|
|
9,160
|
|
|
|
|
|
Texas
Instruments, Inc.
|
|
|
1,748,736
|
|
|
|
1.0
|
|
1,818
|
|
|
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
1,008,899
|
|
|
|
0.6
|
|
10,936
|
|
|
|
|
|
Tradeweb Markets, Inc.
|
|
|
951,541
|
|
|
|
0.5
|
|
4,008
|
|
|
|
|
|
UMB
Financial Corp.
|
|
|
367,053
|
|
|
|
0.2
|
|
31,728
|
|
|
|
|
|
Umpqua Holdings Corp.
|
|
|
617,744
|
|
|
|
0.3
|
|
1,979
|
|
|
|
|
|
United Parcel Service, Inc.Class B
|
|
|
387,152
|
|
|
|
0.2
|
|
929
|
|
|
|
|
|
UnitedHealth Group, Inc.
|
|
|
386,715
|
|
|
|
0.2
|
|
10,889
|
|
|
|
|
|
US
Bancorp
|
|
|
624,920
|
|
|
|
0.4
|
|
39,994
|
|
|
|
|
|
Verizon Communications, Inc.
|
|
|
2,199,670
|
|
|
|
1.2
|
|
9,557
|
|
|
|
|
|
Washington Federal, Inc.
|
|
|
318,248
|
|
|
|
0.2
|
|
8,612
|
|
|
|
|
|
Waste
Management, Inc.
|
|
|
1,335,807
|
|
|
|
0.7
|
|
12,604
|
|
|
|
|
|
Wells
Fargo & Co.
|
|
|
576,003
|
|
|
|
0.3
|
|
11,163
|
|
|
|
|
|
Werner Enterprises, Inc.
|
|
|
526,447
|
|
|
|
0.3
|
|
4,407
|
|
|
|
|
|
Weyerhaeuser Co.
|
|
|
158,652
|
|
|
|
0.1
|
|
45,105
|
|
|
|
|
|
Williams Cos., Inc.
|
|
|
1,113,642
|
|
|
|
0.6
|
|
7,418
|
|
|
|
|
|
World
Fuel Services Corp.
|
|
|
240,047
|
|
|
|
0.1
|
|
4,998
|
|
|
|
|
|
Zoetis, Inc.
|
|
|
1,022,391
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
112,346,322
|
|
|
|
62.9
|
|
|
|
|
|
|
|
Total
Common Stock
(Cost $143,294,192)
|
|
|
171,594,858
|
|
|
|
96.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS: 2.1%
|
|
|
|
|
23,492
|
|
|
|
|
|
iShares MSCI EAFE Value Index ETF
|
|
|
1,220,644
|
|
|
|
0.7
|
|
15,410
|
|
|
|
|
|
iShares Russell 1000 Value ETF
|
|
|
2,513,217
|
|
|
|
1.4
|
|
|
|
|
|
|
|
Total
Exchange-Traded Funds
(Cost $3,721,508)
|
|
|
3,733,861
|
|
|
|
2.1
|
|
|
|
|
|
|
|
Total
Long-Term Investments
(Cost $147,015,700)
|
|
|
175,328,719
|
|
|
|
98.2
|
|
See Accompanying Notes to Financial
Statements
17
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO
OF INVESTMENTS
AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)
|
Shares
|
|
|
|
|
|
|
|
Value
|
|
|
|
Percentage
of Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS: 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
1,974,000
|
|
|
|
(3)
|
|
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%
(Cost $1,974,000)
|
|
$
|
1,974,000
|
|
|
|
1.1
|
|
|
|
|
|
|
|
Total
Short-Term Investments
(Cost $1,974,000)
|
|
|
1,974,000
|
|
|
|
1.1
|
|
|
|
|
|
|
|
Total Investments in Securities
(Cost $148,989,700)
|
|
$
|
177,302,719
|
|
|
|
99.3
|
|
|
|
|
|
|
|
Assets in Excess of Other Liabilities
|
|
|
1,294,304
|
|
|
|
0.7
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
178,597,023
|
|
|
|
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 August 31, 2021.
|
Sector Diversification
|
|
|
|
Percentage
of Net Assets
|
Financials
|
|
|
|
|
21.9
|
%
|
Health
Care
|
|
|
|
|
14.6
|
|
Industrials
|
|
|
|
|
12.0
|
|
Consumer
Staples
|
|
|
|
|
9.4
|
|
Information
Technology
|
|
|
|
|
6.9
|
|
Communication
Services
|
|
|
|
|
6.3
|
|
Utilities
|
|
|
|
|
6.1
|
|
Materials
|
|
|
|
|
6.1
|
|
Real
Estate
|
|
|
|
|
4.6
|
|
Energy
|
|
|
|
|
4.2
|
|
Consumer
Discretionary
|
|
|
|
|
4.0
|
|
Exchange-Traded
Funds
|
|
|
|
|
2.1
|
|
Short-Term
Investments
|
|
|
|
|
1.1
|
|
Assets in Excess
of Other Liabilities
|
|
|
|
|
0.7
|
|
Net
Assets
|
|
|
|
|
100.0
|
%
|
Portfolio holdings
are subject to change daily.
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of August 31, 2021 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
August 31, 2021
|
Asset
Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
|
$
|
|
|
|
|
$
|
5,081,667
|
|
|
|
$
|
|
|
|
|
$
|
5,081,667
|
|
Canada
|
|
|
|
7,519,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,519,951
|
|
China
|
|
|
|
|
|
|
|
|
824,633
|
|
|
|
|
|
|
|
|
|
824,633
|
|
Denmark
|
|
|
|
|
|
|
|
|
1,684,278
|
|
|
|
|
|
|
|
|
|
1,684,278
|
|
Finland
|
|
|
|
|
|
|
|
|
1,906,208
|
|
|
|
|
|
|
|
|
|
1,906,208
|
|
France
|
|
|
|
|
|
|
|
|
3,567,744
|
|
|
|
|
|
|
|
|
|
3,567,744
|
|
Germany
|
|
|
|
|
|
|
|
|
4,534,683
|
|
|
|
|
|
|
|
|
|
4,534,683
|
|
Hong
Kong
|
|
|
|
|
|
|
|
|
2,334,648
|
|
|
|
|
|
|
|
|
|
2,334,648
|
|
Ireland
|
|
|
|
1,449,860
|
|
|
|
|
767,828
|
|
|
|
|
|
|
|
|
|
2,217,688
|
|
Israel
|
|
|
|
|
|
|
|
|
511,782
|
|
|
|
|
|
|
|
|
|
511,782
|
|
Italy
|
|
|
|
|
|
|
|
|
2,946,021
|
|
|
|
|
|
|
|
|
|
2,946,021
|
|
Japan
|
|
|
|
|
|
|
|
|
13,047,002
|
|
|
|
|
|
|
|
|
|
13,047,002
|
|
Netherlands
|
|
|
|
|
|
|
|
|
1,279,805
|
|
|
|
|
|
|
|
|
|
1,279,805
|
|
New
Zealand
|
|
|
|
|
|
|
|
|
209,001
|
|
|
|
|
|
|
|
|
|
209,001
|
|
Norway
|
|
|
|
|
|
|
|
|
235,395
|
|
|
|
|
|
|
|
|
|
235,395
|
|
Singapore
|
|
|
|
|
|
|
|
|
394,879
|
|
|
|
|
|
|
|
|
|
394,879
|
|
Spain
|
|
|
|
|
|
|
|
|
685,394
|
|
|
|
|
|
|
|
|
|
685,394
|
|
Sweden
|
|
|
|
|
|
|
|
|
491,175
|
|
|
|
|
|
|
|
|
|
491,175
|
|
Switzerland
|
|
|
|
|
|
|
|
|
2,432,510
|
|
|
|
|
|
|
|
|
|
2,432,510
|
|
United
Kingdom
|
|
|
|
764,617
|
|
|
|
|
6,579,455
|
|
|
|
|
|
|
|
|
|
7,344,072
|
|
United
States
|
|
|
|
112,346,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,346,322
|
|
Total Common
Stock
|
|
|
|
122,080,750
|
|
|
|
|
49,514,108
|
|
|
|
|
|
|
|
|
|
171,594,858
|
|
Exchange-Traded
Funds
|
|
|
|
3,733,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,733,861
|
|
Short-Term
Investments
|
|
|
|
1,974,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,974,000
|
|
Total
Investments, at fair value
|
|
|
$
|
127,788,611
|
|
|
|
$
|
49,514,108
|
|
|
|
$
|
|
|
|
|
$
|
177,302,719
|
|
Other
Financial Instruments+
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign
Currency Contracts
|
|
|
|
|
|
|
|
|
1,150,385
|
|
|
|
|
|
|
|
|
|
1,150,385
|
|
Total
Assets
|
|
|
$
|
127,788,611
|
|
|
|
$
|
50,664,493
|
|
|
|
$
|
|
|
|
|
$
|
178,453,104
|
|
See Accompanying Notes to Financial
Statements
18
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO
OF INVESTMENTS
AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)
|
|
|
|
Quoted
Prices
in Active Markets
for Identical
Investments
(Level 1)
|
|
|
Significant
Other
Observable
Inputs#
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Fair Value
at
August 31, 2021
|
Liabilities
Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments+
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign
Currency Contracts
|
|
|
|
$
|
|
|
|
|
$
|
(22,130
|
)
|
|
|
$
|
|
|
|
|
$
|
(22,130
|
)
|
Written
Options
|
|
|
|
|
|
|
|
|
|
(1,012,212
|
)
|
|
|
|
|
|
|
|
|
(1,012,212
|
)
|
Total
Liabilities
|
|
|
|
$
|
|
|
|
|
$
|
(1,034,342
|
)
|
|
|
$
|
|
|
|
|
$
|
(1,034,342
|
)
|
ˆ
|
|
See Note 2, Significant Accounting Policies in the
Notes to Financial Statements for additional information.
|
+
|
|
Other Financial Instruments 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 fair valued at the unrealized appreciation (depreciation) 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 Funds investments are categorized as Level 2
investments.
|
At August 31, 2021, 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
|
13,360,617
|
|
|
|
JPY
|
1,472,100,000
|
|
|
Barclays Bank PLC
|
|
09/17/21
|
|
|
$
|
(22,130
|
)
|
|
USD
|
5,362,942
|
|
|
|
AUD
|
7,000,000
|
|
|
Morgan Stanley & Co. International PLC
|
|
09/17/21
|
|
|
|
241,602
|
|
|
USD
|
2,330,406
|
|
|
|
CHF
|
2,100,000
|
|
|
Morgan Stanley & Co. International PLC
|
|
09/17/21
|
|
|
|
36,289
|
|
|
USD
|
7,053,025
|
|
|
|
GBP
|
5,000,000
|
|
|
State Street Bank and Trust Co.
|
|
09/17/21
|
|
|
|
178,472
|
|
|
USD
|
14,952,790
|
|
|
|
EUR
|
12,300,000
|
|
|
State Street Bank and Trust Co.
|
|
09/17/21
|
|
|
|
424,944
|
|
|
USD
|
6,609,829
|
|
|
|
CAD
|
8,000,000
|
|
|
State Street Bank and Trust Co.
|
|
09/17/21
|
|
|
|
269,077
|
|
|
USD
|
1,555
|
|
|
|
GBP
|
1,131
|
|
|
The Bank of New York Mellon
|
|
09/02/21
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,128,255
|
|
At August 31, 2021, 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
|
|
Consumer Staples Select Sector
SPDR®
Fund
|
|
|
|
BNP Paribas
|
|
Call
|
|
09/10/21
|
|
|
USD
|
72.230
|
|
|
|
162,215
|
|
|
USD
|
11,721,656
|
|
|
$
|
121,807
|
|
|
$
|
(109,777
|
)
|
EURO STOXX 50®
Index
|
|
|
|
Morgan Stanley &
Co. International PLC
|
|
Call
|
|
10/08/21
|
|
|
EUR
|
4,232.890
|
|
|
|
1,002
|
|
|
EUR
|
4,204,803
|
|
|
|
53,501
|
|
|
|
(58,347
|
)
|
Financial Select Sector
SPDR® Fund
|
|
|
|
BNP Paribas
|
|
Call
|
|
09/24/21
|
|
|
USD
|
38.970
|
|
|
|
565,060
|
|
|
USD
|
21,698,304
|
|
|
|
376,047
|
|
|
|
(215,646
|
)
|
FTSE 100 Index
|
|
|
|
Morgan Stanley &
Co. International PLC
|
|
Call
|
|
10/08/21
|
|
|
GBP
|
7,219.490
|
|
|
|
1,497
|
|
|
GBP
|
10,658,191
|
|
|
|
142,865
|
|
|
|
(126,351
|
)
|
Health Care Select Sector
SPDR® Fund
|
|
|
|
BNP Paribas
|
|
Call
|
|
09/24/21
|
|
|
USD
|
135.030
|
|
|
|
59,840
|
|
|
USD
|
8,090,966
|
|
|
|
90,478
|
|
|
|
(106,172
|
)
|
Industrial Select Sector
SPDR® Fund
|
|
|
|
Morgan Stanley &
Co. International PLC
|
|
Call
|
|
09/10/21
|
|
|
USD
|
104.390
|
|
|
|
180,921
|
|
|
USD
|
18,908,054
|
|
|
|
330,054
|
|
|
|
(227,497
|
)
|
Nikkei 225 Index
|
|
|
|
UBS AG
|
|
Call
|
|
10/08/21
|
|
|
JPY
|
27,917.550
|
|
|
|
35,027
|
|
|
JPY
|
983,892,318
|
|
|
|
126,065
|
|
|
|
(168,422
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,240,817
|
|
|
$
|
(1,012,212
|
)
|
Currency Abbreviations
|
|
AUD
|
|
Australian Dollar
|
CAD
|
|
Canadian Dollar
|
CHF
|
|
Swiss Franc
|
EUR
|
|
EU Euro
|
GBP
|
|
British Pound
|
JPY
|
|
Japanese Yen
|
USD
|
|
United States Dollar
|
See Accompanying Notes to Financial
Statements
19
VOYA GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND
|
PORTFOLIO
OF INVESTMENTS
AS OF AUGUST 31, 2021 (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 August 31,
2021 was as follows:
Derivatives not accounted for as
hedging
instruments
|
|
|
|
Location on Statement
of Assets and Liabilities
|
|
Fair Value
|
|
Asset
Derivatives
|
|
|
|
|
|
|
|
|
Foreign exchange
contracts
|
|
|
|
Unrealized appreciation on forward foreign currency contracts
|
|
$
|
1,150,385
|
|
Total Asset
Derivatives
|
|
|
|
|
|
$
|
1,150,385
|
|
Liability
Derivatives
|
|
|
|
|
|
|
|
|
Foreign exchange
contracts
|
|
|
|
Unrealized depreciation on forward foreign currency contracts
|
|
$
|
22,130
|
|
Equity
contracts
|
|
|
|
Written options, at fair value
|
|
|
1,012,212
|
|
Total Liability
Derivatives
|
|
|
|
|
|
$
|
1,034,342
|
|
The effect of derivative instruments on the Funds
Statement of Operations for the period ended August 31, 2021 was as follows:
|
|
|
Amount of Realized Gain or (Loss) on
Derivatives Recognized in Income
|
Derivatives not accounted for as
hedging
instruments
|
|
|
Forward foreign
currency contracts
|
|
Written options
|
|
Total
|
Equity
contracts
|
|
|
|
$
|
|
|
|
|
$
|
(5,313,885
|
)
|
|
|
$
|
(5,313,885
|
)
|
Foreign exchange
contracts
|
|
|
|
|
782,673
|
|
|
|
|
|
|
|
|
|
782,673
|
|
Total
|
|
|
|
$
|
782,673
|
|
|
|
$
|
(5,313,885
|
)
|
|
|
$
|
(4,531,212
|
)
|
|
|
|
|
|
|
|
Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income
|
Derivatives not accounted for as
hedging
instruments
|
|
|
Forward foreign
currency contracts
|
|
Written options
|
|
Total
|
Equity
contracts
|
|
|
|
$
|
|
|
|
|
$
|
475,795
|
|
|
|
$
|
475,795
|
|
Foreign exchange
contracts
|
|
|
|
|
224,640
|
|
|
|
|
|
|
|
|
|
224,640
|
|
Total
|
|
|
|
$
|
224,640
|
|
|
|
$
|
475,795
|
|
|
|
$
|
700,435
|
|
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 August 31, 2021:
|
|
Barclays
Bank PLC
|
|
BNP
Paribas
|
|
Morgan
Stanley & Co.
International PLC
|
|
State
Street
Bank and
Trust Co.
|
|
The
Bank of
New York
Mellon
|
|
UBS
AG
|
|
Totals
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign
currency contracts
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
277,891
|
|
|
|
$
|
872,493
|
|
|
|
|
$
|
1
|
|
|
|
$
|
|
|
|
|
$
|
1,150,385
|
|
Total
Assets
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
277,891
|
|
|
|
$
|
872,493
|
|
|
|
|
$
|
1
|
|
|
|
$
|
|
|
|
|
$
|
1,150,385
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign
currency contracts
|
|
|
$
|
22,130
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
22,130
|
|
Written
options
|
|
|
|
|
|
|
|
|
431,595
|
|
|
|
|
412,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
168,422
|
|
|
|
|
1,012,212
|
|
Total
Liabilities
|
|
|
$
|
22,130
|
|
|
|
$
|
431,595
|
|
|
|
$
|
412,195
|
|
|
|
$
|
|
|
|
|
|
$
|
|
|
|
|
$
|
168,422
|
|
|
|
$
|
1,034,342
|
|
Net OTC
derivative instruments by counterparty, at fair value
|
|
|
$
|
(22,130
|
)
|
|
|
$
|
(431,595
|
)
|
|
|
$
|
(134,304
|
)
|
|
|
$
|
872,493
|
|
|
|
|
$
|
1
|
|
|
|
$
|
(168,422
|
)
|
|
|
$
|
116,043
|
|
Total
collateral pledged by the Fund/(Received from counterparty)
|
|
|
$
|
|
|
|
|
$
|
340,000
|
|
|
|
$
|
30,000
|
|
|
|
$
|
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
370,000
|
|
Net
Exposure(1)
|
|
|
$
|
(22,130
|
)
|
|
|
$
|
(91,595
|
)
|
|
|
$
|
(104,304
|
)
|
|
|
$
|
872,493
|
|
|
|
|
$
|
1
|
|
|
|
$
|
(168,422
|
)
|
|
|
$
|
486,043
|
|
(1)
|
|
Positive net exposure represents amounts due from each respective
counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk
and credit related contingent features.
|
At August 31, 2021, the aggregate cost of securities
and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was
$145,541,166.
|
|
|
|
|
|
|
Net unrealized
appreciation consisted of:
|
|
|
|
|
|
|
Gross
Unrealized Appreciation
|
|
|
|
$
|
32,155,956
|
|
Gross
Unrealized Depreciation
|
|
|
|
|
(260,028
|
)
|
Net Unrealized
Appreciation
|
|
|
|
$
|
31,895,928
|
|
See Accompanying Notes to Financial
Statements
20
SHAREHOLDER MEETING
INFORMATION (UNAUDITED)
Proposal:
1
|
|
At this meeting, a proposal was submitted to elect three members
of the Board of Trustees to represent the interests of the holders of the Fund, with these individuals to serve as Class I Trustees, for a term of
three-years, and until the election and qualification of their successors.
|
An annual shareholder meeting of Voya Global Advantage
and Premium Opportunity Fund was held virtually on June 18, 2021.
|
|
|
|
Proposal
|
|
Shares
voted for
|
|
Shares
voted
against or
withheld
|
|
Shares
abstained
|
|
Broker
non-vote
|
|
Total
Shares
Voted
|
|
Class I Trustees
|
|
Voya Global
Advantage and
Premium Opportunity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colleen D.
Baldwin
|
|
1*
|
|
15,584,215.908
|
|
367,366.000
|
|
0.000
|
|
0.000
|
|
15,951,581.908
|
|
|
|
Joseph E.
Obermeyer
|
|
1*
|
|
15,481,266.908
|
|
470,315.000
|
|
0.000
|
|
0.000
|
|
15,951,581.908
|
|
|
|
Christopher P.
Sullivan
|
|
1*
|
|
15,596,368.908
|
|
355,213.000
|
|
0.000
|
|
0.000
|
|
15,951,581.908
|
|
After the June 18, 2021 annual shareholder meeting, the
following Trustees continued on as Trustees of the Trust: John D. Boyer, Patricia W. Chadwick, Sheryl K. Pressler and Dina Santoro.
21
ADDITIONAL INFORMATION (UNAUDITED)
The following information is a summary of certain changes,
if any, since February 28, 2021. The information may not reflect all of the changes that have occurred since you purchased the Fund. During the period,
there were no material changes in the Funds investment objective or fundamental policies or in the principal risk factors associated with
investment in the Fund. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds
portfolio.
The Fund may lend portfolio securities in an amount equal to
up to 33 1/3% of its managed assets to broker dealers or other institutional borrowers, in exchange for cash collateral and fees. The Fund may use the
cash collateral in connection with the Funds investment program as approved by the Investment Adviser, including generating cash to cover
collateral posting requirements. Although the Fund has no current intention to do so, it may use the cash collateral to generate additional income. The
use of cash collateral in connection with the Funds investment program may have a leveraging effect on the Fund, which would increase the
volatility of the Fund and could reduce its returns and/or cause a loss.
The Fund intends to engage in lending portfolio securities
only when such lending is secured by cash or other permissible collateral in an amount at least equal to the market value of the securities loaned. The
Fund will maintain cash, cash equivalents or liquid securities holdings in an amount sufficient to cover its repayment obligation with respect to the
collateral, marked to market on a daily basis.
Securities lending involves the risks of delay in recovery
or even loss of rights in the securities loaned if the borrower of the securities fails financially. Loans will be made only to organizations whose
credit quality or claims paying ability is considered by the sub-advisers to be at least investment grade. The financial condition of the borrower will
be monitored by the Investment Adviser on an ongoing basis. The Fund will not lend portfolio securities subject to a written American style covered
call option contract. The Fund may lend portfolio securities subject to a written European style covered call option contract as long as the lending
period is less than or equal to the term of the covered call option contract.
Dividend Reinvestment Plan
Unless the registered owner of Common Shares elects to
receive cash by contacting Computershare Shareowner Services LLC (the Plan Agent), all dividends declared on Common Shares of the Fund will
be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Funds Dividend Reinvestment
Plan (the Plan). Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by
check mailed directly to the shareholder of record (or, if the Common Shares are
held in street or other nominee name, then to such nominee) by the
Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and
processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any
subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash
in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically
reinvested pursuant to the Plan, please contact your broker.
The Plan Agent will open an account for each Common
Shareholder under the Plan in the same name in which such Common Shareholders Common Shares are registered. Whenever the Fund declares a dividend
or other distribution (together, a Dividend) payable in cash, non-participants in the Plan will receive cash and participants in the Plan
will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants accounts, depending upon
the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (Newly Issued
Common Shares) or (ii) by purchase of outstanding Common Shares on the open market (Open-Market Purchases) on the NYSE or elsewhere.
Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.
If, on the payment date for any Dividend, the closing market
price plus estimated brokerage commissions per Common Share is equal to or greater than the NAV per Common Share, the Plan Agent will invest the
Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each
participants account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date; provided
that, if the NAV is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95%
of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than
the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of
the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the
last business day before the next date on which the Common Shares trade on an ex-dividend basis or 30 days after the payment date for such
Dividend, whichever is sooner (the Last Purchase Date), to invest the Dividend amount in
22
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
Common Shares acquired in Open-Market Purchases. The
Fund pays quarterly Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each
Dividend through the date before the next ex-dividend date, which typically will be approximately ten days.
If, before the Plan Agent has completed its Open-Market
Purchases, the market price per common share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan
Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly
Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if
the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a
market premium during the purchase period, the Plan Agent will cease making Open-Market Purchases and will invest the uninvested portion of the
Dividend amount in Newly Issued Common Shares at the NAV per common share at the close of business on the Last Purchase Date provided that, if the NAV
is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market
price on the payment date.
The Plan Agent maintains all shareholders accounts in
the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common
Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will
include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote
proxies for shares held under the Plan in accordance with the instructions of the participants.
In the case of shareholders such as banks, brokers or
nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common
Shares certified from time to time by the record shareholders name and held for the account of beneficial owners who participate in the
Plan.
There will be no brokerage charges with respect to Common
Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with
Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be
payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of
shares through the Plan Agent are subject
to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service
charges.
The Fund reserves the right to amend or terminate the Plan.
There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to
include a service charge payable by the participants.
All questions concerning the Plan or a request to terminate
participation should be directed to the Funds Shareholder Service Department at (800) 992-0180.
KEY FINANCIAL DATES CALENDAR 2021
DISTRIBUTIONS:
Declaration Date
|
|
Ex Date
|
|
Record Date
|
|
Payable Date
|
March 15, 2021
|
|
April 1, 2021
|
|
April 5, 2021
|
|
April 15, 2021
|
June 15, 2021
|
|
July 1, 2021
|
|
July 2, 2021
|
|
July 15, 2021
|
September 15, 2021
|
|
October 1, 2021
|
|
October 4, 2021
|
|
October 15, 2021
|
December 15, 2021
|
|
December 30, 2021
|
|
December 31, 2021
|
|
January 18, 2022
|
Record date will be two business days after each
Ex-Dividend Date. These dates are subject to change.
Stock Data
The Funds common shares are traded on the NYSE
(Symbol: IGA).
Repurchase of Securities by Closed-End
Companies
In accordance with Section 23(c) of the 1940 Act, and Rule
23c-1 under the 1940 Act, the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated
transactions and/or purchase shares to correct erroneous transactions.
Number of Shareholders
The number of record holders of common stock as of August
31, 2021 was 12, which does not include approximately 6,548 beneficial owners of shares held in the name of brokers of other nominees.
Certifications
In accordance with Section 303A.12 (a) of the New York Stock
Exchange Listed Company Manual, the Funds CEO submitted the Annual CEO Certification on July 16, 2021 certifying that he was not aware, as of
that date, of any violation by the Fund of the NYSEs Corporate governance listing standards. In addition, as required by Section 302 of the
Sarbanes-Oxley Act of 2002 and related SEC rules, the Funds principal executive and financial officers have made quarterly certifications,
included in filings with the SEC on Form N-CSR, relating to, among other things, the Funds disclosure controls and procedures and internal
controls over financial reporting.
23
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
Computershare, Inc.
480 Washington Boulevard
Jersey City, New Jersey 07310-1900
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business
day for account or other information at (800) 992-0180.
RETIREMENT Ι INVESTMENTS Ι INSURANCE
voyainvestments.com
163318 (0821-102121)
Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders
filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures
for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management
Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End
Management Investment Company and Affiliated Purchasers.
Period*
|
|
(a) Total Number of Shares
(or Units) Purchased
|
|
|
(b) Average Price
Paid per Share (or
Unit)
|
|
|
(c) Total Number of Shares
(or Units)
Purchased as Part
of Publicly Announced Plans
or Programs
|
|
|
(d) Maximum
Number (or Approximate
Dollar Value) of Shares (or Units) that May
Yet Be Purchased Under the Plans or
Programs
|
|
Mar 1-31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1-30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 1-31, 2021*
|
|
|
1,819,925
|
|
|
$
|
10.33
|
|
|
|
1,819,925
|
|
|
|
0
|
|
June 1-30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1-31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,819,925
|
|
|
|
|
|
|
|
1,819,925
|
|
|
|
|
|
* On
February 22, 2021, the Registrant announced it would purchase for cash up to 10% of its outstanding common shares (the “Tender
Offer”). The Tender Offer was at a price equal to 98% of the Fund’s NAV per share as determined as of the close of the regular
trading session of the NYSE on May 25, 2021.
Item 10. Submission of Matters to a Vote of Security
Holders.
Not applicable.
Item 11. 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-CSR
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-CSR and the officer certifications of such Form N-CSR.
|
|
(b)
|
There were no significant changes in the registrant’s internal controls that occurred during the
second 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 12. Disclosure of Securities Lending Activities
for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
|
(a)(1)
|
The Code of Ethics is not required for the semi-annual filing.
|
|
(a)(3)
|
Not required for semi-annual filing.
|
|
(c)
|
Notices to the registrant's common shareholders in accordance
with the order under Section 6(c) of the Investment Company Act
of 1940 (the “1940 Act”) granting an exemption from Section 19(b) of the 1940
Act and Rule 19b-1 under the 1940 Act, dated August 16, 2011.1
|
1 The Fund has received exemptive
relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect
to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance
with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures
to the holders of the Fund's common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1
thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that
regard, has attached hereto copies of each such notice made during the period.
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/ Michael Bell
|
|
|
Michael Bell
|
|
Chief Executive Officer
|
Date: November 4, 2021
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/ Michael Bell
|
|
|
Michael Bell
|
|
Chief Executive Officer
|
Date: November 4, 2021
By
|
/s/ Todd Modic
|
|
|
Todd Modic
|
|
Senior Vice President and Chief Financial Officer
|
Date: November 4, 2021
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