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: 811-22144

 

Voya Infrastructure, Industrials and Materials Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd., Suite 100, Scottsdale, AZ 85258

(Address of principal executive offices) (Zip code)

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258

(Name and address of agent for service)

 

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

 

Date of fiscal year end: February 28

 

Date of reporting period: May 31, 2017

 

 

 

 

 

Item 1. Schedule of Investments

  

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

 

Voya Infrastructure, Industrials and Materials Fund

 

The schedules are not audited.

  

 

 

 

Voya Infrastructure, Industrials and Materials Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2017 (Unaudited)

 

Shares         Value   Percentage
of Net
Assets
 
COMMON STOCK: 99.1%          
       Australia: 2.1%          
373,993      BHP Billiton Ltd.  $6,574,519    2.1 
                  
       China: 3.0%          
84,062      China Mobile Ltd-SPON ADR   4,632,657    1.5 
3,278,000      China Railway Construction Corp. Ltd.   4,498,921    1.5 
           9,131,578    3.0 
                  
       Denmark: 2.1%          
3,381      AP Moller - Maersk A/S - Class B   6,443,755    2.1 
                  
       France: 8.6%          
39,154      Air Liquide SA   4,775,365    1.6 
160,035   @  Alstom SA   5,606,549    1.8 
262,527      Orange SA   4,612,687    1.5 
73,257      Schneider Electric SE   5,644,264    1.8 
320,189      Suez   5,835,457    1.9 
           26,474,322    8.6 
                  
       Germany: 6.0%          
68,836      BASF SE   6,506,988    2.1 
214,472      Deutsche Telekom AG   4,275,908    1.4 
53,444      Siemens AG   7,643,528    2.5 
           18,426,424    6.0 
                  
       India: 2.6%          
147,095      Larsen & Toubro Ltd.   4,014,539    1.3 
1,267,724      Power Grid Corp. of India Ltd.   4,086,582    1.3 
           8,101,121    2.6 
                  
       Indonesia: 1.0%          
1,436,100      United Tractors Tbk PT   2,994,658    1.0 
                  
       Italy: 2.0%          
1,163,685      Enel S.p.A.   6,229,695    2.0 
                  
       Japan: 13.2%          
946,000      Hitachi Ltd.   5,705,758    1.9 
245,500      LIXIL Group Corp.   5,969,775    1.9 
271,600      JSR Corp.   4,561,052    1.5 
218,200      Komatsu Ltd.   5,297,249    1.7 
278,300      Mitsubishi Corp.   5,569,026    1.8 
126,200      NTT DoCoMo, Inc.   3,101,360    1.0 
93,300      Omron Corp.   3,896,262    1.3 
72,800      Shin-Etsu Chemical Co., Ltd.   6,537,880    2.1 
           40,638,362    13.2 
                  
       Netherlands: 4.2%          
56,637      Airbus SE   4,657,899    1.5 
54,495      Koninklijke DSM NV   4,060,743    1.3 
117,081   #  Philips Lighting NV   4,340,279    1.4 
           13,058,921    4.2 
                  
       South Korea: 0.8%          
11,354      SK Telecom Co., Ltd.   2,570,376    0.8 
Shares         Value   Percentage
of Net
Assets
 
COMMON STOCK: (continued)          
       Spain: 1.3%          
157,587      Gas Natural SDG S.A.  $3,974,556    1.3 
                  
       Sweden: 2.9%          
159,578      SKF AB - B Shares   3,261,192    1.1 
341,155      Volvo AB - B Shares   5,572,244    1.8 
           8,833,436    2.9 
                  
       Taiwan: 1.9%          
167,277      Taiwan Semiconductor Manufacturing Co., Ltd. ADR   5,914,915    1.9 
                  
       United Kingdom: 1.3% 
373,604      CNH Industrial NV   4,153,255    1.3 
                  
       United States: 46.1% 
2,370   @  AdvanSix, Inc.   68,185    0.0 
42,851      Albemarle Corp.   4,867,874    1.6 
51,130      American Electric Power Co., Inc.   3,670,111    1.2 
92,118      AT&T, Inc.   3,549,306    1.2 
122,322      CenturyLink, Inc.   3,051,934    1.0 
33,453      Cummins, Inc.   5,275,538    1.7 
58,743      Deere & Co.   7,193,668    2.3 
123,211      Dow Chemical Co.   7,634,154    2.5 
38,370      DTE Energy Co.   4,202,282    1.4 
167,693      Exelon Corp.   6,088,933    2.0 
38,467      General Dynamics Corp.   7,818,418    2.5 
245,332      General Electric Co.   6,717,190    2.2 
59,256      Honeywell International, Inc.   7,880,455    2.6 
29,834      L3 Technologies, Inc.   5,029,714    1.6 
55,352      Lincoln Electric Holdings, Inc.   4,947,362    1.6 
15,075      Lockheed Martin Corp.   4,238,035    1.4 
37,396      NextEra Energy, Inc.   5,289,290    1.7 
73,960      Nucor Corp.   4,297,076    1.4 
65,412      PG&E Corp.   4,472,873    1.4 
53,331      Packaging Corp. of America   5,448,295    1.8 
31,084      Parker Hannifin Corp.   4,894,797    1.6 
113,009      Plains GP Holdings L.P.   3,013,950    1.0 
38,715      Rockwell Automation, Inc.   6,144,845    2.0 
28,933      Roper Technologies, Inc.   6,573,578    2.1 
56,604      Schlumberger Ltd.   3,939,072    1.3 
129,414      Steel Dynamics, Inc.   4,398,782    1.4 
46,261      Valero Energy Corp.   2,843,664    0.9 
37,550      Vulcan Materials Co.   4,680,607    1.5 
26,183      Watsco, Inc.   3,694,945    1.2 
           141,924,933    46.1 
                  
    Total Common Stock          
    (Cost $245,936,624)   305,444,826    99.1 

 

 

 

  

Voya Infrastructure, Industrials and Materials Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2017 (Unaudited) (Continued)

 

Shares         Value   Percentage
of Net
Assets
 
SHORT-TERM INVESTMENTS: 1.1%    
       Mutual Funds: 1.1% 
3,351,000     BlackRock Liquidity Funds, FedFund, Institutional Class, 0.680%††        
       (Cost $3,351,000)  $3,351,000    1.1 
                  
    Total Short-Term Investments          
    (Cost $3,351,000)   3,351,000    1.1 
                  
    Total Investments in Securities
(Cost $249,287,624)
  $308,795,826    100.2 
    Liabilities in Excess of Other Assets   (701,958)   (0.2)
    Net Assets  $308,093,868    100.0 

 

†† Rate shown is the 7-day yield as of May 31, 2017.
# 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.
@ Non-income producing security.
 ADR American Depositary Receipt

 

  Cost for federal income tax purposes is $250,071,476.
   
  Net unrealized appreciation consists of:

 

Gross Unrealized Appreciation  $64,153,683 
Gross Unrealized Depreciation   (5,429,333)
      
Net Unrealized Appreciation  $58,724,350 

  

Industry Diversification  Percentage
of Net Assets
 
Electric Utilities   9.6%
Industrial Conglomerates   9.4 
Construction Machinery & Heavy Trucks   7.0 
Aerospace & Defense   7.0 
Specialty Chemicals   6.5 
Diversified Chemicals   4.6 
Industrial Machinery   4.3 
Integrated Telecommunication Services   4.1 
Agricultural & Farm Machinery   3.6 
Wireless Telecommunication Services   3.3 
Multi-Utilities   3.3 
Electrical Components & Equipment   3.2 
Industrials   3.2 
Steel   2.8 
Construction & Engineering   2.8 
Diversified Metals & Mining   2.1 
Marine   2.1 
Building Products   1.9 
Semiconductors   1.9 
Electronic Equipment & Instruments   1.9 
Trading Companies & Distributors   1.8 
Paper Packaging   1.8 
Industrial Gases   1.6 
Construction Materials   1.5 
Gas Utilities   1.3 
Oil & Gas Equipment & Services   1.3 
Electronics   1.3 
Telecommunication Services   1.0 
Oil & Gas Storage & Transportation   1.0 
Coal & Consumable Fuels   1.0%
Oil & Gas Refining & Marketing   0.9 
Commodity Chemicals   0.0 
Short-Term Investments   1.1 
Liabilities in Excess of Other Assets   (0.2)
Net Assets   100.0%

 

 

 

  

Voya Infrastructure, Industrials and Materials Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2017 (Unaudited) (Continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2017 in valuing the assets and liabilities:

 

   Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
   Significant
Other
Observable
Inputs#
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
   Fair Value
at
May 31, 2017
 
Asset Table                    
Investments, at fair value                    
Common Stock                    
Australia  $   $6,574,519   $   $6,574,519 
China   4,632,657    4,498,921        9,131,578 
Denmark       6,443,755        6,443,755 
France       26,474,322        26,474,322 
Germany       18,426,424        18,426,424 
India       8,101,121        8,101,121 
Indonesia       2,994,658        2,994,658 
Italy       6,229,695        6,229,695 
Japan       40,638,362        40,638,362 
Netherlands   4,340,279    8,718,642        13,058,921 
South Korea       2,570,376        2,570,376 
Spain       3,974,556        3,974,556 
Sweden       8,833,436        8,833,436 
Taiwan   5,914,915            5,914,915 
United Kingdom       4,153,255        4,153,255 
United States   141,924,933            141,924,933 
Total Common Stock   156,812,784    148,632,042        305,444,826 
Short-Term Investments   3,351,000            3,351,000 
Total Investments, at fair value  $160,163,784   $148,632,042   $   $308,795,826 
Liabilities Table                    
Other Financial Instruments+                    
Written Options  $   $(1,532,711)  $   $(1,532,711)
Total Liabilities  $   $(1,532,711)  $   $(1,532,711)

 

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

 

At May 31, 2017, the following over-the-counter written options were outstanding for Voya Infrastructure, Industrials and Materials Fund:

 

Number of
Contracts
   Counterparty  Description  Exercise
Price
 Expiration
Date
Premiums
Received
   Fair Value 
Options on Indices                           
 587,263   Bank of America N.A.  Call on Industrial Select Sector SPDR® Fund   66.580   USD   06/01/17  $469,223   $(555,734)  
 647,284   Goldman Sachs & Co.  Call on iShares MSCI EAFE ETF   65.350   USD   06/15/17   507,600    (635,800)  
 210,970   JPMorgan Chase Bank N.A.  Call on iShares MSCI Emerging Markets ETF   40.290   USD   06/15/17   156,392    (222,983)  
 301,536   Bank of America N.A.  Call on Materials Select Sector SPDR® Fund   52.730   USD   06/01/17   220,996    (118,194)  
        Total Written OTC Options  $1,354,211   $(1,532,711)  

 

Currency Abbreviations
USD - United States Dollar

 

 

 

  

Voya Infrastructure, Industrials and Materials Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2017 (Unaudited) (Continued)

 

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

 

The fair value of derivative instruments as of May 31, 2017 was as follows:

 

     Fair Value 
Derivatives not accounted for as hedging instruments     
         
Liability Derivatives  Instrument Type     
         
Equity contracts  Written options  $1,532,711 
Total Liability Derivatives     $1,532,711 

 

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at May 31, 2017:

 

   Bank of America N.A.   Goldman Sachs & Co.   JPMorgan Chase Bank N.A.   Totals 
Liabilities:                    
Written options  $673,928   $635,800   $222,983   $1,532,711 
Total Liabilities  $673,928   $635,800   $222,983   $1,532,711 
                     
Net OTC derivative instruments by counterparty, at fair value  $(673,928)  $(635,800)  $(222,983)   (1,532,711)
                     
Total collateral pledged by the Fund/(Received from counterparty)  $-   $-   $-   $- 
                     
Net Exposure(1)  $(673,928)  $(635,800)  $(222,983)  $(1,532,711)

 

(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 Infrastructure, Industrials and Materials Fund  
     
By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 27, 2017  

 

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

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 27, 2017  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: July 27, 2017