N-Q 1 t1401334_nq.htm N-Q

 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-22004

 

Voya Asia Pacific High Dividend Equity Income Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd., Suite 100, Scottsdale, AZ

85258 (Address of principal executive offices) (Zip code)

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end: February 28

 

Date of reporting period: May 31, 2014

 

 
 

  

Item 1. Schedule of Investments

 

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

 

Voya Asia Pacific High Dividend Equity Income Fund

 

The schedules are not audited.

 

 
 

 

Voya Asia Pacific High Dividend Equity Income
Fund

PORTFOLIO OF INVESTMENTS

as of May 31, 2014 (Unaudited)

 

Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: 96.0%          
        Australia: 22.0%          
 62,811      Australia & New Zealand Banking Group Ltd.  $1,962,313    1.1 
 113,606      BHP Billiton Ltd.   3,864,891    2.1 
 1,159,378   @  CFS Retail Property Trust   2,214,622    1.2 
 188,754      Coca-Cola Amatil Ltd.   1,665,985    0.9 
 436,178      Goodman Group   2,070,135    1.1 
 683,541      Incitec Pivot Ltd.   1,752,612    1.0 
 382,675   @  Insurance Australia Group   2,122,431    1.2 
 694,339      Metcash Ltd.   1,841,628    1.0 
 64,274      National Australia Bank Ltd.   2,007,335    1.1 
 35,778      Rio Tinto Ltd.   1,979,321    1.1 
 161,211   @  Santos Ltd.   2,182,737    1.2 
 1,591,369   @  Sigma Pharmaceuticals Ltd.   1,051,879    0.6 
 1,208,873      Spark Infrastructure Group   2,028,187    1.1 
 543,187      Stockland   1,974,568    1.1 
 171,544      Suncorp Group Ltd   2,136,706    1.2 
 477,038      Sydney Airport   1,951,284    1.1 
 410,488      Toll Holdings Ltd.   2,074,330    1.2 
 279,034      Transurban Group   1,931,832    1.1 
 152,403      Treasury Wine Estates Ltd.   740,299    0.4 
 66,290      Westpac Banking Corp.   2,124,974    1.2 
            39,678,069    22.0 
                   
        China: 22.2%          
 712,000      BOC Hong Kong Holdings Ltd.   2,146,203    1.2 
 3,132,000   @  China BlueChemical Ltd.   1,678,729    0.9 
 4,288,000      China Communications Services Corp., Ltd.   2,037,830    1.1 
 4,325,960      China Construction Bank   3,182,315    1.8 
 208,000      China Mobile Ltd.   2,038,595    1.1 
 852,000   @  China Overseas Land & Investment Ltd.   2,225,805    1.2 
 2,163,800      China Petroleum & Chemical Corp.   1,956,757    1.1 
 746,000      China Resources Power Holdings Co.   1,963,813    1.1 
 5,140,000      China Shanshui Cement Group Ltd.   1,875,603    1.0 
 560,000      China Shineway Pharmaceutical Group Ltd.   1,026,521    0.6 
 4,586,000      China Telecom Corp., Ltd.   2,311,065    1.3 
 1,422,000      COSCO Pacific Ltd.   1,880,965    1.0 
 1,952,000      Guangdong Investment Ltd.   2,169,315    1.2 
 1,580,000      Harbin Electric Co. Ltd.   943,072    0.5 
 4,914,379      Industrial and Commercial Bank of China Ltd.   3,204,402    1.8 
 836,000   @  Jiangsu Expressway Co. Ltd.   1,005,186    0.6 
 3,323,500      Parkson Retail Group Ltd.   982,680    0.5 
 1,840,000      PetroChina Co., Ltd.   2,201,764    1.2 
 672,000      Shanghai Industrial Holdings Ltd.   2,078,702    1.2 
 820,000      Sinopec Engineering Group Co. Ltd.   947,034    0.5 
 2,340,000      Zhejiang Expressway Co., Ltd.   2,319,962    1.3 
            40,176,318    22.2 
                   
        Hong Kong: 9.3%          
 602,800      AIA Group Ltd.   3,026,454    1.7 
 298,398      Cheung Kong Infrastructure Holdings Ltd.   2,039,271    1.1 
 260,000      CLP Holdings Ltd.   2,142,390    1.2 
 13,570,000      Emperor Watch & Jewellery Ltd.   982,441    0.6 
 701,000      Hang Lung Properties Ltd.   2,228,672    1.2 
 436,212      Link Real Estate Investment Trust   2,329,319    1.3 
 519,500      MTR Corp.   1,968,288    1.1 
 319,100      Television Broadcasts Ltd.   2,010,594    1.1 
            16,727,429    9.3 
                   
        India: 7.6%          
 460,871      Bharat Heavy Electricals Ltd.   1,889,927    1.0 
 310,336      Coal India Ltd.   1,949,253    1.1 
 4,584,454      NHPC Ltd.   1,923,013    1.1 
 804,927      NTPC Ltd.   2,186,906    1.2 
 325,119      Oil & Natural Gas Corp., Ltd.   2,081,395    1.2 
 372,015      Oriental Bank Of Commerce   2,134,658    1.2 
 95,681      Punjab National Bank   1,530,039    0.8 
            13,695,191    7.6 
                   
        Indonesia: 3.8%          
 885,500      Indo Tambangraya Megah PT   2,175,938    1.2 
 3,507,000      Indofood Sukses Makmur Tbk PT   2,054,214    1.2 
 5,451,500      XL Axiata Tbk PT   2,558,808    1.4 
            6,788,960    3.8 
                   
        Malaysia: 2.4%          
 1,624,013      Berjaya Sports Toto BHD   1,931,345    1.1 
 1,156,500      IJM Corp. Bhd   2,409,408    1.3 
            4,340,753    2.4 
                   
        New Zealand: 1.1%          
 339,974      Sky Network Television Ltd.   1,906,265    1.1 
                   
        Singapore: 2.4%          
 1,331,000      CapitaMall Trust   2,198,890    1.2 
 122,000      United Overseas Bank Ltd.   2,196,241    1.2 
            4,395,131    2.4 

 

 
 

 

Voya Asia Pacific High Dividend Equity Income Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited) (Continued)

 

Shares         Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)          
        South Korea: 12.3%          
 84,780      Hite Jinro Co. Ltd.  $1,797,069    1.0 
 66,850      Hyundai Marine & Fire Insurance Co., Ltd.   1,898,730    1.0 
 4,238      Hyundai Motor Co.   598,779    0.3 
 10,406      Hyundai Motor Co.- Series 2   1,543,368    0.9 
 69,990      Kangwon Land, Inc.   2,091,512    1.2 
 58,709   @  KB Financial Group, Inc.   1,996,377    1.1 
 73,790      KT Corp.   2,195,177    1.2 
 24,986      KT&G Corp.   2,032,776    1.1 
 6,956      POSCO   1,971,987    1.1 
 1,567   @  Samsung Electronics Co., Ltd.   2,219,771    1.2 
 44,250      Shinhan Financial Group Co., Ltd.   1,934,493    1.1 
 19,033      SK Innovation Co. Ltd.   1,990,395    1.1 
            22,270,434    12.3 
                   
        Taiwan: 10.7%          
 432,000      Cheng Uei Precision Industry Co., Ltd.   828,189    0.4 
 3,149,322   @  CTBC Financial Holding Co. Ltd   2,008,640    1.1 
 146,273      MediaTek, Inc.   2,379,003    1.3 
 2,726,021      Mega Financial Holdings Co., Ltd.   2,278,147    1.3 
 1,130,000      Powertech Technology, Inc.   2,181,936    1.2 
 714,000      Quanta Computer, Inc.   1,922,789    1.1 
 235,000      Radiant Opto-Electronics Corp.   966,242    0.5 
 1,120,167      Taiwan Semiconductor Manufacturing Co., Ltd.   4,489,627    2.5 
 773,335      TXC Corp.   1,146,528    0.6 
 386,000      Zhen Ding Technology Holding Ltd.   1,216,991    0.7 
            19,418,092    10.7 
                   
        Thailand: 1.1%          
 227,300      PTT PCL-Foreign   2,037,333    1.1 
                   
        United Kingdom: 1.1%          
 188,800      HSBC Holdings PLC   1,988,455    1.1 
                   
     Total Common Stock
(Cost $171,548,483)		   173,422,430    96.0 
                   
PREFERRED STOCK: 1.4%          
        South Korea: 1.4%          
 2,267      Samsung Electronics Co., Ltd.   2,465,709    1.4 
                   
     Total Preferred Stock
(Cost $1,723,995)		   2,465,709    1.4 
                   
RIGHTS: 0.0%          
        Australia: 0.0%          
 64,891   @  Transurban Group   27,780    0.0 
                   
     Total Rights
(Cost $–)		   27,780    0.0 
                   
     Total Investments in Securities
(Cost $173,272,478)		  $175,915,919    97.4 
     Assets in Excess of Other Liabilities   4,633,892    2.6 
     Net Assets  $180,549,811    100.0 

 

@Non-income producing security

 

Cost for federal income tax purposes is $173,290,403.

 

Net unrealized appreciation consists of:

 

Gross Unrealized Appreciation  $16,207,026 
Gross Unrealized Depreciation   (13,581,510)
      
Net Unrealized Appreciation  $2,625,516 

 

Sector Diversification  Percentage
of Net Assets		 
Financials   30.5%
Industrials   11.9 
Information Technology   10.9 
Energy   9.2 
Utilities   8.0 
Materials   7.2 
Consumer Discretionary   6.8 
Telecommunication Services   6.1 
Consumer Staples   5.6 
Health Care   1.2 
Assets in Excess of Other Liabilities   2.6 
Net Assets   100.0%

 

 
 

 

Voya Asia Pacific High Dividend Equity Income Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited) (Continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2014 in valuing the assets and liabilities:

 

   Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)		   Significant
Other
Observable
Inputs #
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Fair Value
at
May 31, 2014		 
Asset Table                    
Investments, at fair value                    
Common Stock                    
Australia  $1,841,628   $37,836,441   $–   $39,678,069 
China   –    40,176,318    –    40,176,318 
Hong Kong   2,010,594    14,716,835    –    16,727,429 
India   –    13,695,191    –    13,695,191 
Indonesia   –    6,788,960    –    6,788,960 
Malaysia   –    4,340,753    –    4,340,753 
New Zealand   –    1,906,265    –    1,906,265 
Singapore   –    4,395,131    –    4,395,131 
South Korea   2,032,776    20,237,658    –    22,270,434 
Taiwan   –    19,418,092    –    19,418,092 
Thailand   –    2,037,333    –    2,037,333 
United Kingdom   –    1,988,455    –    1,988,455 
Total Common Stock   5,884,998    167,537,432    –    173,422,430 
Preferred Stock   –    2,465,709    –    2,465,709 
Rights   –    27,780    –    27,780 
Total Investments, at fair value  $5,884,998   $170,030,921   $–   $175,915,919 
Liabilities Table                    
Other Financial Instruments+                    
Written Options  $–   $(1,165,931)  $–   $(1,165,931)
Total Liabilities  $–   $(1,165,931)  $–   $(1,165,931)

 

+Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures,  centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument.  OTC swaps and written options are valued at the fair value of the instrument.
#The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments.

 

Voya Asia Pacific High Dividend Equity Income Fund Written OTC Options on May 31, 2014:

 

Number of
Contracts		   Counterparty  Description  Exercise
Price		  Expiration
Date		  Premiums
Received		   Fair Value 
Options on Indices                   
 3,200   Goldman Sachs & Co.  Call on S&P/ASX 200 Index  5,447.190  AUD  06/05/14  $190,844   $(177,778)
 3,500   Merrill Lynch & Co., Inc.  Call on Hang Seng Index  21,574.470  HKD  06/05/14   143,155    (665,376)
 36,800,000   Merrill Lynch & Co., Inc.  Call on Korea Stock Exchange KOSPI 200 Index  254.561  KRW  06/05/14   94,036    (203,354)
 26,400   Merrill Lynch & Co., Inc.  Call on Taiwan Stock Exchange Weighted Index  8,938.489  TWD  06/05/14   59,190    (119,423)
           Total Written OTC Options  $487,225   $(1,165,931)

 

 
 

 

Voya Asia Pacific High Dividend Equity Income Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2014 (Unaudited) (Continued)

 

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

 

The fair value of derivative instruments as of May 31, 2014 was as follows:

 

Derivatives not accounted for as hedging instruments

 

       Fair Value 
          
Liability Derivatives   Instrument Type     
          
Equity contracts   Written options  $1,165,931 
Total Liability Derivatives      $1,165,931 

 

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if at May 31, 2014:

 

   Goldman Sachs & Co.   Merrill Lynch & Co., Inc.   Totals 
Liabilities:               
Written options  $177,778   $988,153   $1,165,931 
Total Liabilities  $177,778   $988,153   $1,165,931 
                
Net OTC derivative instruments by counterparty, at fair value  $(177,778)  $(988,153)   (1,165,931)
                
Total collateral pledged by the Fund/(Received from counterparty)       $-   $- 
                
Net Exposure(1)  $(177,778)  $(988,153)  $(1,165,931)

 

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

 

 
 

 

Item 2. Controls and Procedures.

 

(a)Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-Q are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-Q and the officer certifications of such Form N-Q.

 

(b)There were no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 3. Exhibits.

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant): Voya Asia Pacific High Dividend Equity Income Fund
     
By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 24, 2014  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 24, 2014  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: July 24, 2014