N-CSRS 1 tv477460_ncsrs.htm N-CSRS

 

 

 

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: 811-05410

 

Voya Prime Rate Trust

 

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)

 

CT Corporation System, 101 Federal Street, Boston, MA 02110

 

(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, 2017 to August 31, 2017

 

 

 

 

 

 

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):

 

Voya Investment Management

Semi-Annual Report

August 31, 2017

Voya Prime Rate Trust

E-Delivery Sign-up – details inside

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.

INVESTMENT MANAGEMENT

voyainvestments.com


Voya Prime Rate Trust

SEMI-ANNUAL REPORT

August 31, 2017

Table of Contents

Portfolio Managers' Report

    

2

    

Statement of Assets and Liabilities

    

8

    

Statement of Operations

    

9

    

Statements of Changes in Net Assets

    

10

    

Statement of Cash Flows

    

11

    

Financial Highlights

    

12

    

Notes to Financial Statements

    

14

    

Portfolio of Investments

    

22

    
Shareholder Meeting Information    

53

    
Additional Information    

54

    

  Go Paperless with E-Delivery!  

Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.

Just go to www.voyainvestments.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll.

You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT

Dear Shareholders:

Voya Prime Rate Trust (the "Trust") is a diversified, closed-end management investment company that seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this objective by investing, under normal market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated floating rate secured senior loans.

PORTFOLIO CHARACTERISTICS
AS OF AUGUST 31, 2017		  

Net Assets

  

$

838,291,646

    

Total Assets

  

$

1,258,993,581

    

Assets Invested in Senior Loans

  

$

1,218,526,010

    

Senior Loans Represented

    

442

    

Average Amount Outstanding per Loan

  

$

2,756,846

    

Industries Represented

    

35

    

Average Loan Amount per Industry

  

$

34,815,029

    

Portfolio Turnover Rate (YTD)

    

50

%

  

Weighted Average Days to Interest Rate Reset

    

33

    

Average Loan Final Maturity

     63 months    

Total Leverage as a Percentage of Total Assets

    

28.21

%

  

PERFORMANCE SUMMARY

The Trust declared $0.08 of dividends during the second fiscal quarter and $0.16 during the six months ended August 31, 2017. Based on the average month-end net asset value ("NAV") per share of $5.72 for the second fiscal quarter and $5.75 for the six-month period, the annualized distribution rate(1) was 5.31% for the second fiscal quarter and 5.39% for the six-month period. The Trust's total return for the second fiscal quarter, based on NAV(4), was 0.19%(2) versus a total gross return on the S&P/LSTA Leveraged Loan Index (the "Index")(3) of 0.60% for the same quarter. For the six months ended August 31, 2017, the Trust's total return, based on NAV(4), was 0.60%(2), versus a total return on the Index of 1.49%. The total market value return(4) for the Trust's Common Shares during the second fiscal quarter was (2.69)% and for the six months period ended August 31, 2017 was (4.46)%.

(1)  The distribution rate is calculated by annualizing dividends and distributions declared during the period using the 30/360 convention and dividing the resulting annualized dividend by the Trust's average net asset value (in the case of NAV) or the average month-end NYSE Composite closing price (in the case of market). The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate includes distributions from net investment income. The tax characterization of dividends and distributions will be determined after the Trust's tax year-end.

(2)  The Trust's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower.

(3)  The Index is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's ("S&P") and the Loan Syndications and Trading Association ("LSTA") conceived the Index to establish a performance benchmark for the syndicated leveraged loan industry. The Index is not subject to any fees or expenses. An investor cannot invest directly in an index.

(4)  The total return is based on full reinvestment of dividends.


2


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

PORTFOLIO SPECIFICS

Over the first six months of the Trust's fiscal year, the loan market has returned 1.49%, with interest carry being partially offset by a -0.88% market value return. The negative market value return for loans has primarily been driven by refinancing activity which was prevalent from the beginning of the year through the early part of the summer, as demand remained strong relative to supply. Demand over the period has been primarily driven by collateralized loan obligation ("CLO") issuance which stands at $73 billion year-to-date ("YTD"). Loan fund appetite, on the other hand, moderated over the six-month period, as investors continue to reflect on the probability and pace of short-term rate increases. More recently, the combination of improving new issue loan supply and less exuberant net demand across the market over the later months of the period have worked to better stabilize market technicals and thus slow the pace of refinancing activity.

Evidence of that slowdown in refinancing/risk driven returns in the market was shown over the six-month period relative to the YTD period in the returns across credit quality. While riskier loans still lead in the YTD race with a return of 6.79%, compared to single B and BB loans at 2.72% and 1.98%, respectively, the playing field has been more even over the recent six-month period. As an indication, BB loans returned 1.44%, while single Bs returned 1.72% and CCC loans returned 1.24% over the six-month period.

From a fundamentals perspective, trailing default activity remained low. The trailing twelve-month Index default rate, as measured by principal amount, ended August at 1.36%.

The Trust underperformed the Index over the six-month period, primarily the result of the use of leverage in an environment marked by the refinancing-driven weakening in loan prices. Leverage was in line with historical levels and the use of leverage continues to be evaluated in conjunction with both fundamental risk and short term technical price movements.

The most significant relative contributors were attributed to selection in the radio and television and business equipment and services sectors. Detractors relative to the Index were primarily due to the Trust's selection in retailers (except food and drug), utilities and building and development. The top two largest detractors within the retailers sector were FullBeauty Brands and Petsmart, Inc. FullBeauty Brands continues to have weak results due to increased competition and saturation of the market. The Trust has since exited the name, as in our view, over the near term, there appears to be no clear path for earnings improvement. Petsmart also underperformed due to general industry downdrafts created by adverse sentiment related to the broad retail sector and the prospective impact of the ongoing shift towards online purchasing. (Note: the company has recently acquired an online pet supplies retailer, which is expected to stem losses from online challengers). Within the utilities sector, a standout detractor was Longview Power,

TOP TEN LOAN ISSUERS
AS OF AUGUST 31, 2017
AS A PERCENTAGE OF:

   TOTAL
ASSETS		   NET
ASSETS		  

Dell Intl LLC

    

1.2

%

    

1.8

%

  

Asurion LLC

    

1.0

%

    

1.6

%

  

Univision Communications

    

1.0

%

    

1.6

%

  

Petsmart Inc

    

0.9

%

    

1.3

%

  

Numericable U S LLC

    

0.8

%

    

1.2

%

  

Gardner Denver Inc

      

 

Gates Global LLC

    

0.8

%

    

1.2

%

  

Amaya Hldgs B V

    

0.8

%

    

1.2

%

  

Hub Intl Ltd

    

0.8

%

    

1.2

%

  

Communications Sales + Leasing

    

0.8

%

    

1.2

%

  

   

0.7

%

    

1.1

%

  

TOP TEN INDUSTRIES
AS OF AUGUST 31, 2017
AS A PERCENTAGE OF:

   TOTAL
ASSETS		   NET
ASSETS		  

Electronics/Electrical

    

11.7

%

    

17.6

%

  

Health Care

    

11.2

%

    

16.8

%

  

Business Equipment & Services

    

8.7

%

    

13.1

%

  

Retailers (Except Food & Drug)

    

5.5

%

    

8.2

%

  

Telecommunications

    

5.6

%

    

8.3

%

  

Insurance

    

4.9

%

    

7.3

%

  

Chemicals & Plastics

    

4.6

%

    

6.9

%

  

Lodging & Casinos

    

3.8

%

    

5.8

%

  

Automotive

    

3.7

%

    

5.6

%

  

Leisure Good/Activities/Movies

    

3.7

%

    

5.5

%

  


3


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

LLC, which experienced non-planned operational outages. This, coupled with low spark spreads (margins), weighed heavily on results for the past six months.

The Trust continues to be well diversified, with 367 individual issuers and 35 different industry sectors represented. The average issuer exposure at period-end stood at 0.27% of assets under management ("AUM"), while the average industry exposure closed the period at 2.94% of AUM. Both measures were relatively unchanged from the prior reporting period.

CURRENT STRATEGY AND OUTLOOK

Looking through to the rest of the year, a recent survey of the LSTA (Loan Syndications and Trading Association) board members indicates that the technical supply/demand balance, as it may influence on spread levels and new deal quality, remains the major factor to watch as it relates to asset class performance. The general expectation seems to be for continued strong CLO issuance and flat-to-slightly positive loan fund AUM growth by year-end. We believe a December Fed Funds decision will likely play a major factor in driving those outcomes.

In our view, the fundamental backdrop barring any exogenous event, points to sound, if not stellar, economic growth and a fairly benign default environment as highlighted by recent U.S. data releases (corporate earnings, jobless claims, retail sales, etc.), as well as positive economic news from Europe. Of particular interest to floating-rate investors is August's 0.4% increase in U.S. Consumer Price Index ("CPI") and its related core CPI gauge that ended a five-month run of weaker-than-expected readings. It is too early to determine if this signals a definite pickup in inflation, but it should assuage recent concerns about a slowdown and possibly help nudge the Federal Reserve into another rate increase fairly soon.

  

 
Jeffrey A. Bakalar
Managing Director
Voya Investment Management Co. LLC		   Daniel A. Norman
Managing Director
Voya Investment Management Co. LLC		  

 

 

Voya Prime Rate Trust
September 25, 2017

Ratings Distribution
as of August 31, 2017		  

Ba

    

32.39

%

  

B

   

62.58

%

  

Caa and below

    

4.77

%

  

Not rated*

    

0.26

%

  

Loan ratings apply to the underlying holdings of the Trust and not the Trust itself. Ratings distribution shows the percentage of the Trust's loan commitments (excluding cash and foreign cash) that are rated in each ratings category, based upon the categories provided by Moody's Investors Service, Inc. Ratings distribution is based on Moody's senior secured facility ratings. Moody's ratings classification methodology: Aaa rating denotes the least credit risk; C rating denotes the greatest credit risk. Loans rated below Baa by Moody's are considered to be below investment-grade. When a loan is not rated by Moody's, it is designated as "Not Rated." Ratings can change from time to time, and current ratings may not fully reflect the actual credit condition or risks posed by a loan.

*  Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn.


4


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

    Average Annual Total Returns for the
Years Ended August 31, 2017		  
   

1 Year

  

3 Years

  

5 Years

  

10 Years

  

Based on Net Asset Value (NAV)

    

5.25

%

    

4.22

%

    

5.76

%

    

4.60

%

  

Based on Market Value

    

4.58

%

    

4.29

%

    

3.66

%

    

4.39

%

  

S&P/LSTA Leveraged Loan Index

    

5.80

%

    

3.53

%

    

4.24

%

    

4.88

%

  

The table above illustrates the total return of the Trust against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index.

Total returns shown include, if applicable, the effect of fee waivers and/or expense reimbursements by Voya Investments, LLC. Had all fees and expenses been considered, the total returns would have been lower.

Performance data represents past performance and is no guarantee of future results. Investment return and principal value of an investment in the Trust will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Trust's future performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 336-3436 to get performance through the most recent month end.

Calculation of total return assumes a hypothetical initial investment at the net asset value (in the case of NAV) or the New York Stock Exchange ("NYSE") Composite closing price (in the case of Market Value) on the last business day before the first day of the stated period, with all dividends and distributions reinvested at the actual reinvestment price.

Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Trust's NAV.

This report contains statements that may be "forward-looking" statements. Actual results could differ materially from those projected in the "forward-looking" statements.

The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

INDEX DESCRIPTIONS

The S&P/LSTA Leveraged Loan Index is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's and the Loan Syndications & Trading Association ("LSTA") conceived the Index to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.


5


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

YIELDS AND DISTRIBUTION RATES

  
   

Prime Rate

   NAV 30-day
SEC Yield(A) 		   Mkt. 30-Day
SEC Yield(A) 		   Annualized Dist.
Rate @ NAV(B) 		   Annualized Dist.
Rate @ Mkt.(B) 		  

August 31, 2017

    

4.25

%

    

4.63

%

    

5.06

%

    

5.29

%

    

5.78

%

  

May 31, 2017

    

4.00

%

    

4.71

%

    

5.00

%

    

5.44

%

    

5.77

%

  

February 28, 2017

    

3.75

%

    

5.40

%

    

5.60

%

    

5.59

%

    

5.80

%

  

November 30, 2016

    

3.50

%

    

5.35

%

    

5.68

%

    

5.63

%

    

5.98

%

  

(A)  Yield is calculated by dividing the Trust's net investment income per share for the most recent thirty days by the net asset value (in the case of NAV) or the NYSE Composite closing price (in the case of Market) at quarter-end. Yield calculations do not include any commissions or sales charges, and are compounded for six months and annualized for a twelve-month period to derive the Trust's yield consistent with the U.S. Securities and Exchange Commission ("SEC") standardized yield formula.

(B)  The distribution rate is calculated by annualizing the last regular dividend and distribution declared during the period using the 30/360 convention by the Trust's reporting period-end net asset value (in the case of NAV) or the reporting period-end NYSE Composite closing price (in the case of Market). The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate includes distributions from net investment income. The tax characterization of dividends and distributions will be determined after the Trust's tax year-end.

In pursuit of its investment objectives, the Trust may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk: Prices of the Trust's investments are likely to fall if the actual or perceived financial health of the borrowers on, or issuers of, such investments deteriorates, whether because of broad economic or issuer-specific reasons, or if the borrower or issuer is late (or defaults) in paying interest or principal. The Trust invests a substantial portion of its assets in below investment-grade Senior Loans and other below investment-grade assets. Below investment-grade loans commonly known as high-yielding, high risk investments or as "junk" investments involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans and are subject to greater levels of credit and liquidity risks. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of the interest due on their loans, the yield on the Common Shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the NAV will decrease.

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 Trust's portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Trust's assets may decrease, which will cause the Trust's 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 Trust's 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.

Market interest rates in the United States are at or near historic lows, which may increase the Trust's 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


6


Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

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.

Leverage Risk: The use of leverage through borrowings or the issuance of Preferred Shares can adversely affect the yield on the Common Shares. To the extent that the Trust is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Trust invests, the effect of that decline will be magnified in the Trust because of the additional assets purchased with the proceeds of the leverage. The Trust is subject to certain restrictions imposed by lenders to the Trust and may be subject to certain restrictions imposed by guidelines of one or more rating agencies which may issue ratings for debt or the Preferred Shares issued by the Trust. These restrictions are expected to impose asset coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products that are more stringent than those imposed on the Trust by the 1940 Act. These restrictions could impede the manager from fully managing the Trust's portfolio in accordance with the Trust's investment objective and policies.


7


Voya Prime Rate Trust

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2017 (Unaudited)

ASSETS:

  

Investments in securities at fair value (Cost $1,238,531,792)

  

$

1,220,768,578

    

Cash

    

5,910,368

    

Foreign currencies at value (Cost $1,200,553)

    

1,200,618

    

Receivables:

  

Investment securities sold

    

26,178,967

    

Interest

    

4,865,023

    

Prepaid expenses

    

42,936

    

Reimbursement due from manager

    

564

    

Other assets

    

26,527

    

Total assets

    

1,258,993,581

    

LIABILITIES:

  

Notes payable

    

355,100,000

    

Payable for investment securities purchased

    

63,380,157

    

Accrued interest payable

    

154,568

    

Payable for investment management fees

    

1,073,062

    

Payable to trustees under the deferred compensation plan (Note 6)

    

26,527

    

Accrued trustee fees

    

9,462

    

Unrealized depreciation on forward foreign currency contracts

    

468,813

    

Unfunded loan commitments (Note 7)

    

246,398

    

Other accrued expenses

    

242,948

    

Total liabilities

    

420,701,935

    

NET ASSETS

  

$

838,291,646

    
Net assets value per common share outstanding (net assets divided by
147,787,691 shares of beneficial interest authorized and outstanding,
no par value)		  

$

5.67

    

NET ASSETS WERE COMPRISED OF:

  

Paid-in capital

  

$

1,055,879,503

    

Distributions in excess of net investment income or accumulated net investment loss

    

(2,088,100

)

  

Accumulated net realized loss

    

(197,137,938

)

  

Net unrealized depreciation

    

(18,361,819

)

  

NET ASSETS

  

$

838,291,646

    

See Accompanying Notes to Financial Statements
8


Voya Prime Rate Trust

STATEMENT OF OPERATIONS for the Six Months Ended August 31, 2017 (Unaudited)

INVESTMENT INCOME:

  

Interest

  

$

30,169,092

    

Other fees

    

603,945

    

Total investment income

    

30,773,037

    

EXPENSES:

  

Investment management fees

    

6,387,230

    

Transfer agent fees

    

42,400

    

Interest expense

    

3,756,190

    

Custody and accounting expense

    

275,200

    

Professional fees

    

91,633

    

Shareholder reporting expense

    

123,820

    

Trustees fees

    

16,560

    

Miscellaneous expense

    

108,595

    

Total expenses

    

10,801,628

    

Waived and reimbursed fees

    

(11,528

)

  

Net expenses

    

10,790,100

    

Net investment income

    

19,982,937

    

REALIZED AND UNREALIZED GAIN (LOSS):

  

Net realized gain (loss) on:

  

Investments

    

(2,521,986

)

  

Forward foreign currency contracts

    

(3,481,089

)

  

Foreign currency related transactions

    

(421,723

)

  

Net realized loss

    

(6,424,798

)

  

Net change in unrealized appreciation (depreciation) on:

  

Investments

    

(8,840,493

)

  

Forward foreign currency contracts

    

(461,077

)

  

Foreign currency related transactions

    

(195,555

)

  

Net change in unrealized appreciation (depreciation)

    

(9,497,125

)

  

Net realized and unrealized loss

    

(15,921,923

)

  

Increase in net assets resulting from operations

  

$

4,061,014

    

See Accompanying Notes to Financial Statements
9


Voya Prime Rate Trust

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

   Six Months
Ended
August 31,
2017		   Year
Ended
February 28,
2017		  

FROM OPERATIONS:

  

Net investment income

  

$

19,982,937

    

$

45,738,884

    

Net realized loss

    

(6,424,798

)

    

(10,319,158

)

  

Net change in unrealized appreciation (depreciation)

    

(9,497,125

)

    

76,611,684

    

Increase in net assets resulting from operations

    

4,061,014

      

112,031,410

    

FROM DISTRIBUTIONS TO COMMON SHAREHOLDERS:

  

From net investment income

    

(22,907,085

)

    

(47,070,356

)

  

Decrease in net assets from distributions to common shareholders

    

(22,907,085

)

    

(47,070,356

)

  

CAPITAL SHARE TRANSACTIONS:

  

Net increase (decrease) in net assets

    

(18,846,071

)

    

64,961,054

    

NET ASSETS:

  

Beginning of year or period

    

857,137,717

      

792,176,663

    
End of year or period including undistributed (distributions in
excess of net investment income of accumulated net
investment loss of $(2,088,100) and $836,048 respectively)		  

$

838,291,646

    

$

857,137,717

    

See Accompanying Notes to Financial Statements
10


Voya Prime Rate Trust

STATEMENT OF CASH FLOWS for the Six Months Ended August 31, 2017 (Unaudited)

INCREASE (DECREASE) IN CASH

  

Cash Flows From Operating Activities:

  

Interest received

  

$

29,059,435

    

Facility fees received

    

(19,738

)

  

Other income paid

    

414,581

    

Interest paid

    

(3,696,514

)

  

Other operating expenses paid

    

(8,615,558

)

  

Purchases of securities

    

(640,302,497

)

  

Proceeds on sale of securities

    

626,495,868

    

Net cash used by operating activities

    

3,335,577

    

Cash Flows From Financing Activities:

  
Distributions paid to common shareholders from net investment income
(net of reinvestments)		    

(22,907,085

)

  

Proceeds from notes payable

    

205,000,000

    

Repayment of notes payable

    

(181,000,000

)

  

Net cash flows provided in financing activities

    

1,092,915

    

Net increase

    

4,428,492

    

Cash Impact From Foreign Exchange Fluctuations:

  

Cash impact from foreign exchange fluctuations

    

(6,191

)

  

Cash and foreign currency balance

  

Net increase in cash and foreign currency

    

4,422,301

    

Cash and foreign currency at beginning of period

    

2,688,685

    

Cash and foreign currency at end of period

  

$

7,110,986

    
Reconciliation of Net decrease in Net Assets Resulting from
Operations To Net Cash used by Operating Activities:		  

Net increase in net assets resulting from operations

  

$

4,061,014

    
Adjustments to reconcile net decrease in net assets resulting
from operations to net cash used by operating activities:		  

Change in unrealized appreciation or depreciation on investments

    

8,840,493

    
Change in unrealized appreciation or depreciation on forward foreign currency
contracts		    

461,077

    

Change in unrealized appreciation or depreciation on other assets and liabilities

    

195,555

    

Accretion of discounts on investments

    

(1,366,125

)

  

Amortization of premiums on investments

    

399,880

    

Net realized loss on sale of investments and foreign currency related transactions

    

6,424,798

    

Purchases of securities

    

(640,315,719

)

  

Proceeds on sale of securities

    

626,495,868

    

Increase in interest and other receivable

    

(130,190

)

  

Increase in prepaid expenses

    

(19,738

)

  

Increase in reimbursement due from manager

    

(564

)

  

Increase in accrued interest payable

    

59,676

    

Increase in payable for investment management fees

    

119,649

    

Decrease in unfunded loan commitments

    

(1,761,120

)

  

Increase in accrued trustees fees

    

583

    

Decrease in other accrued expenses

    

(129,560

)

  

Total adjustments

    

(725,437

)

  

Net cash used by operating activities

  

$

3,335,577

    

See Accompanying Notes to Financial Statements
11


FINANCIAL HIGHLIGHTS (UNAUDITED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

       

Per Share Operating Performance

       Total Investment
Return(1) 		   Ratios to average
net assets		   Supplemental
data		  
   

Net asset value, beginning of year or period

  

Net investment income (loss)

  

Net realized and unrealized gain (loss)

  

Distribution to Preferred Shareholders

  

Change in net asset value from Share offerings

  

Total from investment operations

  

Distribution to Common Shareholders from net investment income

  

Distributions from return of capital

  

Total distributions

  

Net asset value, end of year or period

  

Closing market price, end of year or period

   Total Investment Return at net asset value(2)    Total Investment Return at closing market price(3)    Expenses, prior to fee waivers and/or recoupments, if any(4)(7)    Expenses (before interest and other fees related to revolving credit facility)(4)(7)    Expenses, net of fee waivers and/or recoupments, if any(4)(7)    Net investment income (loss)(4)(7)   

Net assets, end of year or period

  

Portfolio Turnover

  

Year or period ended

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

($)

  

(%)

  

(%)

  

(%)

  

(%)

  

(%)

  

(%)

  

($000's)

  

(%)

  

08-31-17

    

5.80

      

0.14

      

(0.11

)

    

—

      

—

      

0.03

      

(0.16

)

    

—

      

(0.16

)

    

5.67

      

5.19

      

0.60

      

(4.46

)

    

2.53

      

1.65

      

2.53

      

4.68

      

838,292

      

50

    

02-28-17

    

5.36

      

0.31

      

0.45

      

—

      

—

      

0.76

      

(0.32

)

    

—

      

(0.32

)

    

5.80

      

5.59

      

14.93

      

28.24

      

2.24

      

1.62

      

2.24

      

5.44

      

857,138

      

67

    

02-29-16

    

5.93

      

0.32

      

(0.56

)

    

—

      

—

      

(0.24

)

    

(0.33

)

    

—

      

(0.33

)

    

5.36

      

4.63

      

(3.72

)

    

(10.17

)

    

2.08

      

1.61

      

2.08

      

5.54

      

792,177

      

44

    

02-28-15

    

6.08

      

0.33

      

(0.13

)

    

—

      

—

      

0.20

      

(0.35

)

    

—

      

(0.35

)

    

5.93

      

5.49

      

3.83

      

(0.44

)

    

2.10

      

1.64

      

2.09

      

5.58

      

876,412

      

68

    

02-28-14

    

6.02

      

0.40

      

0.07

      

—

      

—

      

0.47

      

(0.40

)

    

(0.01

)

    

(0.41

)

    

6.08

      

5.87

      

8.15

      

(4.04

)

    

2.15

      

1.65

      

2.15

      

6.47

      

898,254

      

96

    

02-28-13

    

5.79

      

0.46

      

0.19

      

—

      

—

      

0.65

      

(0.42

)

    

—

      

(0.42

)

    

6.02

      

6.55

      

11.72

      

27.73

      

2.14

      

1.63

      

2.14

      

7.76

      

887,047

      

93

    

02-29-12

    

6.08

      

0.35

      

(0.32

)

    

(0.00

)*

    

—

      

0.03

      

(0.32

)

    

—

      

(0.32

)

    

5.79

      

5.51

      

0.81

      

(3.11

)

    

2.20

      

1.67

      

2.20

      

6.07

      

851,278

      

81

    

02-28-11

    

5.72

      

0.30

      

0.38

      

(0.00

)*

    

—

      

0.68

      

(0.30

)

    

(0.02

)

    

(0.32

)

    

6.08

      

6.02

      

12.32

      

7.09

      

1.93

      

1.59

      

1.93

      

4.87

      

893,661

      

60

    

02-28-10

    

3.81

      

0.28

      

1.95

      

(0.00

)*

    

—

      

2.23

      

(0.32

)

    

—

      

(0.32

)

    

5.72

      

5.94

      

60.70

      

81.66

      

1.99

(6)

    

1.77

(6)

    

1.93

      

5.56

      

830,785

      

38

    

02-28-09

    

6.11

      

0.46

      

(2.29

)

    

(0.06

)

    

—

      

(1.89

)

    

(0.41

)

    

—

      

(0.47

)

    

3.81

      

3.50

      

(31.93

 )(5)     

(32.03

 )(5)     

3.01

      

1.95

      

3.01

      

7.86

      

552,840

      

10

    

02-29-08

    

7.65

      

0.75

      

(1.57

)

    

(0.16

)

    

—

      

(0.98

)

    

(0.56

)

    

—

      

(0.72

)

    

6.11

      

5.64

      

(13.28

)

    

(17.25

)

    

4.36

      

2.20

      

4.36

      

10.35

      

886,976

      

60

    

(1)  Total investment return calculations are attributable to Common Shares.

(2)  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.

(3)  Total investment return at market value has been calculated assuming a purchase at market value at the beginning of each period and a sale at market value at the end of each period and assumes reinvestment of dividends, capital gain distributions, and return of capital/allocations, if any, in accordance with the provisions of the dividend reinvestment plan.

(4)  The Investment Adviser has agreed to limit expenses excluding interest, taxes, brokerage commissions, leverage expenses, other investment related costs and extraordinary expenses, subject to possible recoupment by the Investment Adviser within three years to 1.05% of Managed Assets plus 0.15% of average daily net assets.

(5)  There was no impact on total return due to payments by affiliates.

(6)  Includes excise tax fully reimbursed by the Investment Adviser.

(7)  Annualized for periods less than one year.

*  Amount is less than $0.005 or more than $(0.005).

See Accompanying Notes to Financial Statements
12


FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

    Ratios to average net assets
plus borrowings		  

Supplemental data

  
    Expenses (before interest and other fees related to revolving credit facility)(2)    Expenses, prior to fee waivers and/or recoupments, if any(2)    Expenses, net of fee waivers and/or recoupments, if any(2)    Net investment income (loss)(2)   

Preferred Shares — Aggregate amount outstanding

  

Liquidation and market value per share of Preferred Shares

   Asset coverage inclusive of Preferred Shares and debt per share(a)   

Borrowings at end of period

   Asset coverage per $1,000 of debt(a)   

Average borrowings

  

Common Shares outstanding at end of year or period

  

Year or period ended

  

(%)

  

(%)

  

(%)

  

(%)

  

($000's)

  

($)

  

($)

  

($000's)

  

($)

  

($000's)

  

(000's)

  

08-31-17

    

1.16

      

1.78

      

1.78

      

3.28

      

—

      

—

      

3

      

355,100

      

3,361

      

359,527

      

147,788

    

02-28-17

    

1.16

      

1.60

      

1.60

      

3.88

      

—

      

—

      

4

      

331,100

      

3,589

      

337,209

      

147,788

    

02-29-16

    

1.15

      

1.50

      

1.50

      

3.98

      

—

      

—

      

3

      

324,300

      

3,443

      

331,738

      

147,788

    

02-28-15

    

1.16

      

1.49

      

1.48

      

3.95

      

—

      

—

      

4

      

323,500

      

3,709

      

362,490

      

147,788

    

02-28-14

    

1.15

      

1.50

      

1.50

      

4.51

      

—

      

—

      

3

      

407,000

      

3,207

      

387,979

      

147,788

    

02-28-13

    

1.17

      

1.53

      

1.53

      

5.55

      

—

      

—

      

3

      

370,600

      

3,394

      

345,145

      

147,427

    

02-29-12

    

1.24

      

1.64

      

1.64

      

4.51

      

—

      

—

      

3

      

364,000

      

3,339

      

293,444

      

147,116

    

02-28-11

    

1.39

      

1.68

      

1.68

      

4.26

      

100,000

      

25,000

      

102,850

      

187,000

      

6,314

      

122,641

      

146,954

    

02-28-10

    

1.67

(1)

    

1.87

(1)

    

1.81

      

5.23

      

200,000

      

25,000

      

98,400

      

83,000

      

13,419

      

46,416

      

145,210

    

02-28-09

    

1.54

      

2.37

      

2.37

      

6.21

      

225,000

      

25,000

      

70,175

      

81,000

      

10,603

      

227,891

      

145,178

    

02-29-08

    

1.60

      

3.17

      

3.17

      

7.53

      

450,000

      

25,000

      

53,125

      

338,000

      

4,956

      

391,475

      

145,094

    

(a)  Asset coverage ratios, for fiscal periods beginning after 2011, is presented to represent the coverage available to each $1,000 of borrowings. Asset coverage ratios, for periods prior to fiscal 2009, represented the coverage available for both the borrowings and Preferred Shares expressed in relation to each $1,000 of borrowings and Preferred Shares liquidation value outstanding. The Asset coverage ratio per $1,000 of debt for periods subsequent to fiscal 2008, is presented to represent the coverage available

to each $1,000 of borrowings before consideration of any Preferred Shares liquidation price, while the Asset coverage inclusive of Preferred Shares, presents the coverage available to both borrowings and Preferred Shares, expressed in relation to the per share liquidation price of the Preferred Shares.

(1)  Includes excise tax fully reimbursed by the Investment Adviser.

(2)  Annualized for periods less than one year.

See Accompanying Notes to Financial Statements
13


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Prime Rate Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, closed-end, management investment company. The Trust invests at least 80% of its assets (plus borrowings for investment purposes) in senior loans, which generally are not registered under the Securities Act of 1933, as amended (the "1933 Act"), and which contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates. The investment objective of the Trust is described in the Trust's prospectus.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Trust. 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 Trust.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements. The Trust 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.  Senior Loan and Other Security Valuation. The Trust 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 Common Share of the Trust 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 Common Share of the Trust is calculated by dividing the value of the Trust's loan assets plus all cash and other assets (including accrued expenses but excluding capital and surplus) attributable to the Common Shares by the number of Common Shares outstanding. The NAV per Common Share is made available for publication. On days when the Trust is closed for business, Trust shares will not be priced and the Trust does not transact purchase and redemption orders. To the extent the Trust's assets are traded in other markets on days when the Trust does not price its shares, the value of the Trust's assets will likely change and you will not be able to purchase or redeem shares of the Trust.

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 Trust will determine a fair value for the relevant asset in accordance with procedures adopted by the Trust's Board of Trustees ("Board"). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the


14


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 the central counterparty clearinghouse; (f) Over-the-counter 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 Trust's 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.

The prospectuses of the open-end registered investment companies in which the Trust may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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 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 Trust's 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 Trust. 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 security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's 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 Trust's 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 Trust.

Each investment asset or liability of the Trust 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


15


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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-Adviser's or Pricing Committee's 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 Trust's investments under these levels of classification is included following 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 Trust's assets and liabilities. A reconciliation of Level 3 investments is presented only when the Trust has a significant amount of Level 3 investments.

For the period ended August 31, 2017, there have been no significant changes to the fair valuation methodologies.

B.  Security Transactions and Revenue Recognition. Security transactions and senior loans are accounted for on the trade date (date the order to buy or sell is executed). The unfunded portion of revolver and delayed draw loans are booked once that portion becomes funded. Realized gains or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectible, unpaid accrued interest is also written off. Cash collections on non-accrual senior loans are generally applied as a reduction to the recorded investment of the loan. Senior loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. Premium amortization and discount accretion are deferred and recognized over the shorter of four years or the actual term of the loan. Arrangement fees received on revolving credit facilities, which represent non-refundable fees or purchase discounts associated with the acquisition of loans, are deferred and recognized using the effective yield method over the shorter of four years or the actual term of the loan. No such fees are recognized on loans which have been placed on non-accrual status. Arrangement fees associated with all other loans, except revolving credit facilities, are treated as discounts and are accreted as described above. Dividend income is recorded on the ex-dividend date. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Amendment fees and other fees earned are reported on the Statement of Operations.

C.  Foreign Currency Translation. The books and records of the Trust 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 Trust 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 of Assets and Liabilities for the estimated tax withholding based on the securities current market


16


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Trust's 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 the U.S. government. 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.

D.  Forward Foreign Currency Contracts. The Trust has entered 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 currency forward foreign contract, the Trust 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 Trust's 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 are included in 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. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

For the period ended August 31, 2017, the Trust had an average quarterly contract amount on forward foreign currency contracts to sell of $36,131,191. Please refer to the table following the Portfolio of Investments for open forward foreign currency contracts to sell at August 31, 2017.

E.  When-Issued Delayed-Delivery. Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date.

F.  Federal Income Taxes. It is the policy of the Trust 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 Trust's tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

The Trust may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

G.  Distributions to Common Shareholders. The Trust declares and pays dividends monthly from net investment income. Distributions from capital gains, if any, are declared and paid annually. The Trust may make additional distributions to comply with the distribution requirements of the Internal Revenue Code. The character and amounts of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. Distributions in


17


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital. The Trust records distributions to its shareholders on the ex-dividend date.

H.  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.

I.  Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

J.  Dividend Reinvestments. Pursuant to the Trust's Shareholder Reinvestment Program (the "Program"), BNY Mellon Investment Servicing (U.S.) Inc. ("BNY"), the Program administrator, purchases, from time to time, shares of beneficial interest of the Trust on the open market to satisfy dividend reinvestments. Such shares are purchased on the open market only when the closing sale or bid price plus commission is less than the NAV per share of the Trust's Common Shares on the valuation date. If the market price plus commissions is equal to or exceeds NAV, new shares are issued by the Trust at the greater of (i) NAV or (ii) the market price of the shares during the pricing period, minus a discount of 5%.

K.  Share Offerings. The Trust issues shares under various shelf registration statements, whereby the net proceeds received by the Trust from share sales may not be less than the greater of (i) the NAV per share or (ii) 94% of the average daily market price over the relevant pricing period.

NOTE 3 — INVESTMENTS

For the period ended August 31, 2017, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term notes, totaled $620,739,385 and $641,346,155, respectively. At August 31, 2017, the Trust held senior loans valued at $1,218,526,010 representing 99.8% of its total investments. The fair value of these assets is established as set forth in Note 2.

The senior loans acquired by the Trust typically take the form of a direct lending relationship with the borrower, and are typically acquired through an assignment of another lender's interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors the collateral securing the loan. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Common and Preferred Shares, and stock purchase warrants held in the portfolio were acquired in conjunction with loans held by the Trust. Certain stocks and warrants are restricted and may not be publicly sold without registration under the 1933 Act, or without an exemption under the 1933 Act. In some cases, these restrictions expire after a designated period of time after issuance of the shares or warrants.

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Trust has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Trust. The Investment Adviser oversees all investment advisory and portfolio management services for the Trust and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Trust, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with


18


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

a fee, computed daily and payable monthly, at an annual rate of 1.05% of the Trust's managed assets. For purposes of the Management Agreement, managed assets ("Managed Assets") are defined as the Trust's average daily gross asset value, minus the sum of the Trust's 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 Trust and the liquidation preference of any outstanding Preferred Shares).

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Trust and is paid by the Investment Adviser based on the average daily net assets of the Trust. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Trust's assets in accordance with the Trust's investment objectives, policies, and limitations.

NOTE 5 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses, to 1.05% of Managed Assets plus 0.15% of average daily net assets.

The Investment Adviser may at a later date recoup from the Trust for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Trust's 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, 2017, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

August 31,      
2018  

2019

  

2020

  

Total

  
$

24,756

    

$

3,385

    

$

11,528

    

$

39,669

    

The expense limitation agreement is contractual through July 1, 2018 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 6 — TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

The Trust 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 Trust. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). The Trust purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, resulting in a Trust 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 Trust, and will not materially affect the Trust's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — COMMITMENTS

Effective July 17, 2017, the Trust has entered into a $414 million 364-day revolving credit agreement which matures July 16, 2018, collateralized by assets of the Trust. Borrowing rates under this agreement are based on a fixed spread over LIBOR, and a commitment fee is charged on the unused portion. Prepaid


19


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 7 — COMMITMENTS (continued)

arrangement fees are amortized over the term of the agreement. The amount of borrowings outstanding at August 31, 2017, was $355 million. The weighted average interest rate on outstanding borrowings at August 31, 2017 was 2.19%, excluding fees related to the unused portion of the facilities, and other fees. The amount of borrowings represented 28.21% of total assets at August 31, 2017. Average borrowings for the period ended August 31, 2017 were $359,526,630 and the average annualized interest rate was 2.07% excluding other fees related to the unused portion of the facility, and other fees.

As of August 31, 2017, the Trust had unfunded loan commitments pursuant to the terms of the following loan agreements:

Engineered Machinery Holdings, Inc.

  

$

39,546

    

TricorBraun Holdings, Inc.

    

206,852

    

Total:

  

$

246,398

    

NOTE 8 — RIGHTS AND OTHER OFFERINGS

As of August 31, 2017, outstanding share offerings pursuant to shelf registrations were as follows:

Registration
Date		   Shares
Registered		   Shares
Remaining		  
6/30/2015    

25,000,000

      

22,368,533

    
6/30/2015    

5,000,000

      

5,000,000

    

As of August 31, 2017 the Trust had no Preferred Shares outstanding. The Trust may consider issuing Preferred Shares during the current fiscal year or in the future.

NOTE 9 — SUBORDINATED LOANS AND UNSECURED LOANS

The Trust may invest in subordinated loans and in unsecured loans. The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans. The Trust may acquire a subordinated loan only if, at the time of acquisition, it acquires or holds a senior loan from the same borrower. The Trust will acquire unsecured loans only where the Investment Adviser believes, at the time of acquisition, that the Trust would have the right to payment upon default that is not subordinate to any other creditor. Subject to the aggregate 20% limit on other investments, the Trust may invest up to 20% of its total assets in unsecured floating rate loans, notes and other debt instruments and 5% of its total assets in floating rate subordinated loans. As of August 31, 2017, the Trust held no subordinated loans or unsecured loans.

NOTE 10 — CAPITAL SHARES

There was no capital shares activity during the period ended August 31, 2017 and during the year ended February 28, 2017.

NOTE 11 — 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 short-term capital gains, foreign currency transactions, 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 Trust 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.


20


Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of August 31, 2017 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

Six Months Ended August 31, 2017  

Year Ended February 28, 2017

  
Ordinary Income  

Ordinary Income

  
$

22,907,085

    

$

47,070,356

    

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 February 28, 2017 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the "Act") provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Trust's pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.

Undistributed

  

Post-October

  

Unrealized

  

Capital Loss Carryforwards

  

Ordinary

  

Capital Losses

  

Appreciation/

  

 
Income  

Deferred

  

(Depreciation)

  

Amount

  

Character

  

Expiration

  
$

723,747

    

$

(2,600,333

)

  

$

(8,747,440

)

  

$

(125,812,939

)

  

Short-term

    

2018

    
                       

(24,760,715

)

  

Short-term

    

2019

    
                       

(37,524,578

)

  

Long-term

    

None

    
                     

$

(188,098,232

)

                  

As a result of amendments to Regulation S-X, tax cost, appreciation and depreciation now reflect the Trust's entire portfolio. This includes investments, derivatives, short positions and foreign cash, if applicable. As of August 31, 2017, cost for federal income tax purposes was $1,239,731,903. Net unrealized depreciation consisted of:

Gross Unrealized Appreciation

  

$

10,116,344

    

Gross Unrealized Depreciation

    

(28,477,721

)

  

Net Unrealized Depreciation

  

$

(18,361,377

)

  

The Trust's major tax jurisdictions are U.S. federal and Arizona state.

As of August 31, 2017, no provision for income tax is required in the Trust's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Trust's 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. The earliest tax year that remains subject to examination by these jurisdictions is 2012.

NOTE 12 — SUBSEQUENT EVENTS

DIVIDENDS

Subsequent to August 31, 2017, the Trust paid the following dividends from net investment income:

Per Share Amount  

Declaration Date

  

Record Date

  

Payable Date

  
$

0.024

    

8/31/17

  

9/11/17

  

9/22/17

  
$

0.023

    

9/29/17

  

10/10/17

  

10/23/17

  

The Trust has evaluated events occurring after the Statement of Assets and Liabilities date ("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.


21


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  

SENIOR LOANS*: 145.3%

      
       

Aerospace & Defense: 2.8%

  
 

2,000,000

             American Airlines,
Inc. 2016 USD
Term Loan B,
3.727%,
(US0003M +
2.500%),
12/14/23		  

$

2,008,438

      

0.2

    
 

8,850,000

             Avolon Term
Loan B
Borrower 1
(Luxembourg)
S.a.r.l. Term
Loan B2, 3.981%,
(US0003M +
2.750%),
01/13/22		    

8,888,108

      

1.1

    
 

2,099,450

             DigitalGlobe, Inc.
2016 Term
Loan B, 3.989%,
(US0003M +
2.750%),
12/16/23		    

2,099,887

      

0.3

    
 

1,521,188

             Geo Group, Inc.
(The) 2017 Term
Loan B, 3.490%,
(US0003M +
2.250%),
03/17/24		    

1,526,417

      

0.2

    
 

4,945,000

      

(1

)

   MacDonald,
Dettwiler and
Associates Ltd.
Term Loan B,
4.068%,
(US0003M +
2.750%),
07/06/24		    

4,931,401

      

0.6

    
 

2,330,636

             TransDigm, Inc.
2016 Extended
Term Loan F,
4.239%,
(US0003M +
3.000%),
06/09/23		    

2,336,463

      

0.3

    
 

1,280,000

             TransDigm, Inc.
2017 Term
Loan G, 4.264%,
(US0003M +
3.000%),
08/15/24		    

1,282,801

      

0.1

    
                 

23,073,515

      

2.8

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Auto Components: 0.3%

  
 

2,487,500

             Broadstreet
Partners Inc.
Term Loan,
5.489%,
(US0003M +
4.250%),
10/27/23		  

$

2,527,534

      

0.3

    
       

Automotive: 5.6%

  
 

3,138,300

             American Axle and
Manufacturing,
Inc. Term Loan B,
3.490%,
(US0003M +
2.250%),
03/08/24		    

3,133,398

      

0.4

    
 

2,011,282

             BBB Industries U.S.
Holdings, Inc.
2014 First Lien
Term Loan,
5.739%,
(US0001M +
4.500%),
09/24/21		    

2,034,512

      

0.2

    
 

2,325,000

             Bright Bidco B.V.
Term Loan B,
5.796%,
(US0003M +
4.500%),
02/27/24		    

2,351,640

      

0.3

    
 

2,925,394

             Dealer Tire, LLC
2016 Term
Loan B, 5.063%,
(US0003M +
3.750%),
12/22/21		    

2,950,535

      

0.4

    
 

4,299,751

             Dynacast
International LLC
Term Loan B,
4.546%,
(US0003M +
3.250%),
01/30/22		    

4,315,875

      

0.5

    
 

1,626,040

             Federal-Mogul
Holdings
Corporation
New Term
Loan C, 4.982%,
(US0003M +
3.750%),
04/15/21		    

1,632,816

      

0.2

    

EUR

1,197,000

             Gates Global LLC
2017 EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
04/01/24		    

1,435,122

      

0.2

    

See Accompanying Notes to Financial Statements
22


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Automotive (continued)

  
 

8,376,276

             Gates Global LLC
2017 USD Term
Loan B, 4.546%,
(US0003M +
3.250%),
03/17/24		  

$

8,417,680

      

1.0

    
 

1,941,719

             KAR Auction
Services, Inc.
Term Loan B5,
3.813%,
(US0003M +
2.500%),
03/09/23		    

1,954,665

      

0.2

    
 

1,649,363

             Key Safety
Systems, Inc.
New First Lien
Term Loan,
5.820%,
(US0003M +
4.500%),
08/29/21		    

1,660,084

      

0.2

    
 

4,545,051

             Midas Intermediate
Holdco II, LLC
Incremental Term
Loan B, 4.046%,
(US0003M +
2.750%),
08/18/21		    

4,545,051

      

0.5

    
 

3,012,801

             NN, Inc. 2016
Term Loan B,
5.489%,
(US0003M +
4.250%),
09/21/22		    

3,017,980

      

0.4

    
 

297,000

             NN, Inc. 2017
Term Loan,
4.989%,
(US0003M +
3.750%),
03/22/21		    

297,495

      

0.0

    
 

1,560,000

             Superior Industries
International, Inc.
First Lien Term
Loan B, 5.787%,
(US0003M +
4.500%),
03/22/24		    

1,544,400

      

0.2

    
 

3,365,063

             TI Group
Automotive
Systems, L.L.C.
2015 USD Term
Loan B, 3.989%,
(US0003M +
2.750%),
06/24/22		    

3,379,785

      

0.4

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

3,000,000

             Truck Hero, Inc.
First Lien Term
Loan, 5.231%,
(US0003M +
4.000%),
04/21/24		  

$

2,997,501

      

0.4

    
 

1,025,000

             Truck Hero, Inc.
Second Lien
Term Loan,
9.481%,
(US0003M +
8.250%),
04/17/25		    

1,027,990

      

0.1

    
                 

46,696,529

      

5.6

    
        Brokers, Dealers & Investment
Houses: 0.2%		  
 

2,029,928

             Capital Automotive
L.P. 2017 Second
Lien Term Loan,
7.240%,
(US0003M +
6.000%),
03/24/25		    

2,058,792

      

0.2

    
       

Building & Development: 4.0%

  
 

4,423,913

             American Builders
& Contractors
Supply Co., Inc.
2017 Term
Loan B, 3.739%,
(US0003M +
2.500%),
10/31/23		    

4,437,737

      

0.5

    
 

2,086,975

             Capital Automotive
L.P. 2017 First
Lien Term Loan,
4.240%,
(US0003M +
3.000%),
03/24/24		    

2,101,757

      

0.2

    
 

1,466,325

             Clark Equipment
Company 2017
Term Loan B,
4.013%,
(US0003M +
2.750%),
05/11/24		    

1,473,809

      

0.2

    
 

5,229,827

             Forterra Finance,
LLC 2017 Term
Loan B, 4.239%,
(US0003M +
3.000%),
10/25/23		    

4,398,284

      

0.5

    

See Accompanying Notes to Financial Statements
23


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Building & Development (continued)

  
 

1,355,000

             HD Supply
Waterworks, Ltd.
2017 Term
Loan B, 4.455%,
(US0003M +
3.500%),
07/12/24		  

$

1,363,469

      

0.2

    
 

1,915,375

             Henry Company
LLC Term Loan B,
5.739%,
(US0003M +
4.500%),
09/28/23		    

1,948,894

      

0.2

    
 

760,000

             Installed Building
Products, Inc.
Term Loan B,
4.239%,
(US0003M +
3.000%),
03/23/24		    

763,800

      

0.1

    
 

1,746,671

             MX Holdings US,
Inc. Term
Loan B1B,
3.989%,
(US0003M +
2.750%),
08/14/23		    

1,755,404

      

0.2

    
 

2,594,646

             NCI Building
Systems, Inc.
New Term Loan,
4.254%,
(US0003M +
3.000%),
06/24/19		    

2,617,349

      

0.3

    
 

3,425,250

             Quikrete Holdings
INC Term Loan,
3.989%,
(US0003M +
2.750%),
11/02/23		    

3,417,115

      

0.4

    
 

858,222

             LS Newco Pty Ltd.
2016 Term
Loan B, 4.796%,
(US0003M +
3.500%),
05/21/22		    

862,514

      

0.1

    
 

1,290,000

             Werner Co. 2017
Term Loan,
5.258%,
(US0003M +
4.000%),
06/23/24		    

1,294,838

      

0.2

    
 

2,288,500

             Wilsonart LLC
2016 Term Loan,
4.800%,
(US0003M +
3.500%),
12/19/23		    

2,298,922

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  

EUR

1,800,000

             Xella International
GmbH 2017 EUR
Term Loan B,
4.000%,
(EUR003M +
4.000%),
02/02/24		  

$

2,157,734

      

0.3

    
 

2,873,554

             Zekelman
Industries, Inc.
Term Loan B,
4.789%,
(US0003M +
3.500%),
06/14/21		    

2,880,289

      

0.3

    
                 

33,771,915

      

4.0

    
       

Business Equipment & Services: 13.1%

  
 

4,549,608

             Acosta Holdco, Inc.
2015 Term Loan,
4.489%,
(US0003M +
3.250%),
09/26/21		    

4,096,545

      

0.5

    
 

6,962,818

             Advantage Sales &
Marketing, Inc.
2014 First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
07/25/21		    

6,697,361

      

0.8

    
 

2,900,000

             Advantage Sales &
Marketing, Inc.
2014 2nd Lien
Term Loan,
7.796%,
(US0003M +
6.500%),
07/25/22		    

2,681,050

      

0.3

    
 

4,688,250

             AlixPartners, LLP
2017 Term
Loan B, 4.296%,
(US0003M +
3.000%),
04/29/24		    

4,724,251

      

0.6

    
 

1,925,000

             Allflex
Holdings III, Inc.
New First Lien
Term Loan,
4.706%,
(US0003M +
3.250%),
07/18/20		    

1,939,437

      

0.2

    
 

4,595,000

             Almonde, Inc.
USD First Lien
Term Loan,
4.817%,
(US0003M +
3.500%),
04/27/24		    

4,609,934

      

0.5

    

See Accompanying Notes to Financial Statements
24


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
        Business Equipment & Services
(continued)		  
 

550,000

             Almonde, Inc.
USD Second Lien
Term Loan,
8.567%,
(US0003M +
7.250%),
04/27/25		  

$

562,276

      

0.1

    
 

1,490,625

             Array Canada Inc.
Term Loan B,
6.296%,
(US0003M +
5.000%),
01/02/23		    

1,492,488

      

0.2

    
 

1,905,000

      

(1

)

   Ascend
Learning, LLC
2017 Term
Loan B, 4.533%,
(US0003M +
3.250%),
07/05/22		    

1,913,334

      

0.2

    
 

1,240,641

             Camelot UK
Holdco Limited
2017 Term
Loan B, 4.739%,
(US0003M +
3.500%),
10/03/23		    

1,248,173

      

0.1

    
 

1,300,000

             Colorado
Buyer Inc Term
Loan B, 4.310%,
(US0003M +
3.000%),
03/28/24		    

1,308,612

      

0.2

    
 

1,811,313

             DTI Holdco, Inc.
2016 Term
Loan B, 6.561%,
(US0003M +
5.250%),
09/21/23		    

1,753,954

      

0.2

    
 

195,000

      

(1

),(2)

   Duravant LLC
First Lien
Delayed Draw
Term Loan,
3.450%,
(US0003M +
3.250%),
07/24/24		    

195,122

      

0.0

    
 

83,511

      

(1

)

   Duravant LLC
Second Lien
Delayed Draw
Term Loan,
8.568%,
(US0003M +
7.250%),
07/18/25		    

84,137

      

0.0

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,500,000

      

(1

)

   Duravant LLC
USD First Lien
Term Loan,
4.733%,
(US0003M +
3.750%),
07/25/24		  

$

1,500,937

      

0.2

    
 

701,489

      

(1

)

   Duravant LLC
USD Second
Lien Term Loan,
8.568%,
(US0003M +
8.000%),
07/18/25		    

706,751

      

0.1

    
 

2,937,472

             EIG Investors Corp.
2017 Term Loan,
5.317%,
(US0003M +
4.000%),
02/09/23		    

2,967,766

      

0.4

    
 

597,000

             Element Materials
Technology
Group US
Holdings Inc
2017 USD
Term Loan B,
4.748%,
(US0003M +
3.500%),
06/01/24		    

603,219

      

0.1

    

EUR

1,082,288

             Equinix Inc. EUR
2016 Term
Loan B, 2.500%,
(EUR003M +
2.500%),
12/09/23		    

1,294,105

      

0.2

    
 

1,675,800

             EVO Payments
International
Term Loan B,
6.240%,
(US0003M +
5.000%),
11/15/23		    

1,696,486

      

0.2

    
 

1,768,696

             First American
Payment
Systems, L.P.
2016 Term Loan,
6.981%,
(US0003M +
5.750%),
01/03/24		    

1,770,169

      

0.2

    
 

3,603,730

             First Data
Corporation
2017 Term Loan,
3.736%,
(US0003M +
2.500%),
04/26/24		    

3,610,264

      

0.4

    

See Accompanying Notes to Financial Statements
25


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
        Business Equipment & Services
(continued)		  
 

3,504,433

             First Data
Corporation
2022 USD Term
Loan, 3.486%,
(US0003M +
2.250%),
07/08/22		  

$

3,506,406

      

0.4

    

EUR

1,482,447

             Foncia Groupe
2016 EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
07/28/23		    

1,777,328

      

0.2

    
 

1,008,100

             Garda World
Security
Corporation
2017 Term Loan,
5.315%,
(PRIME +
3.000%),
04/05/24		    

1,018,811

      

0.1

    

EUR

1,000,000

      

(1

)

   GTCR Valor
Companies, Inc.
EUR 2017
Term Loan B1,
5.568%,
(EUR003M +
4.250%),
06/20/23		    

1,207,811

      

0.2

    
 

2,595,000

      

(1

)

   GTCR Valor
Companies, Inc.
USD 2017 Term
Loan B1, 5.568%,
(US0003M +
4.250%),
06/20/23		    

2,620,301

      

0.3

    

EUR

1,278,407

             ION Trading
Finance Limited
EUR Term
Loan B1, 3.750%,
(EUR003M +
2.750%),
08/11/23		    

1,539,002

      

0.2

    
 

1,976,440

             IQOR US Inc.
Second Lien
Term Loan,
10.049%,
(US0003M +
8.750%),
04/01/22		    

1,924,558

      

0.2

    
 

3,040,006

             IQOR US Inc.
Term Loan B,
6.299%,
(US0003M +
5.000%),
04/01/21		    

3,022,907

      

0.4

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

6,062,791

             KUEHG Corp
2017 First Lien
Term Loan,
5.046%,
(US0003M +
3.750%),
08/13/22		  

$

6,074,159

      

0.7

    
 

1,846,703

             Learning Care
Group (US) No. 2
Inc. New Term
Loan, 5.175%,
(US0003M +
4.000%),
05/05/21		    

1,873,249

      

0.2

    

EUR

1,750,000

             Misys Europe SA
EUR First Lien
Term Loan,
3.250%,
(EUR003M +
3.250%),
04/20/24		    

2,110,817

      

0.2

    
 

579,000

             MORTGAGE
CONTRACTING
SERVICES ASP
Acquisition Corp.
Term Loan B,
6.056%,
(US0003M +
4.750%),
05/12/24		    

589,132

      

0.1

    
 

440,000

             Neustar Inc,
Aerial Merger
Sub, Inc.
Second Lien
Term Loan,
9.312%,
(US0003M +
8.000%),
02/24/25		    

446,325

      

0.1

    
 

2,100,000

      

(1

)

   Neustar Inc,
Aerial Merger
Sub, Inc. Term
Loan B2, 5.068%,
(US0003M +
3.750%),
02/28/24		    

2,119,688

      

0.2

    
 

3,460,000

             Peak 10, Inc. 2017
First Lien Term
Loan, 4.811%,
(US0003M +
4.000%),
07/18/24		    

3,469,515

      

0.4

    
 

900,000

             Peak 10, Inc. 2017
Second Lien
Term Loan,
8.561%,
(US0003M +
7.750%),
07/18/25		    

915,750

      

0.1

    

See Accompanying Notes to Financial Statements
26


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
        Business Equipment & Services
(continued)		  
 

3,034,065

             Pre-Paid Legal
Services, Inc.
First Lien Term
Loan, 6.500%,
(US0003M +
5.250%),
05/31/19		  

$

3,064,405

      

0.4

    
 

2,000,000

             Pre-Paid Legal
Services, Inc.
Second Lien
Term Loan,
10.250%,
(US0003M +
9.000%),
05/31/20		    

2,015,000

      

0.2

    
 

1,465,000

      

(1

)

   Sandvine
Corporation
Term Loan B,
7.068%,
(US0003M +
4.750%),
08/01/24		    

1,406,400

      

0.2

    
 

2,470,616

             Solera
Holdings, Inc.
USD Term
Loan B, 4.507%,
(US0003M +
3.250%),
02/10/23		    

2,482,776

      

0.3

    
 

3,310,130

             Spin Holdco Inc.
2017 Term
Loan B, 5.014%,
(US0003M +
3.750%),
11/14/22		    

3,321,163

      

0.4

    
 

4,970,000

      

(1

)

   Staples, Inc.
2017 Term
Loan B, 5.318%,
(US0003M +
4.000%),
08/06/24		    

4,942,417

      

0.6

    
 

1,960,000

             SurveyMonkey Inc.
2017 Term Loan,
5.800%,
(US0003M +
4.500%),
04/13/24		    

1,989,400

      

0.2

    
 

795,000

             Switch, LTD. Term
Loan B, 3.984%,
(US0003M +
2.750%),
06/20/24		    

800,093

      

0.1

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  

EUR

1,135,000

      

(1

)

   Techem GmbH
2017 EUR
Term Loan B,
4.318%,
(EUR003M +
3.250%),
07/31/24		  

$

1,363,914

      

0.2

    
 

405,000

      

(1

)

   United Site
Services, Inc.
First Lien Term
Loan B, 5.068%,
(US0003M +
3.750%),
08/10/24		    

409,050

      

0.1

    
 

150,000

      

(1

)

   United Site
Services, Inc.
Second Lien
Term Loan B,
9.068%,
(US0003M +
7.750%),
08/10/25		    

151,125

      

0.0

    
 

138,747

             WASH Multifamily
Laundry LLC,
Coinamatic
Canada Inc.
Canadian First
Lien Term Loan,
4.489%,
(US0003M +
3.250%),
05/04/22		    

138,920

      

0.0

    
 

792,251

             WASH Multifamily
Laundry
Systems, LLC
2015 First Lien
Term Loan,
4.489%,
(US0003M +
3.250%),
04/21/22		    

793,242

      

0.1

    
 

5,049,096

             West Corporation
2016 Term Loan
B12, 3.759%,
(US0003M +
2.500%),
06/17/23		    

5,050,676

      

0.6

    
                 

109,600,711

      

13.1

    
       

Cable & Satellite Television: 4.9%

  
 

1,985,025

             CSC Holdings LLC,
3.478%,
(US0003M +
2.250%),
07/09/25		    

1,979,908

      

0.2

    

See Accompanying Notes to Financial Statements
27


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Cable & Satellite Television (continued)

  

EUR

997,500

             Numericable
Group SA EUR
Term Loan B11,
3.000%,
(EUR003M +
3.000%),
06/20/25		  

$

1,192,752

      

0.1

    
 

4,788,000

             Numericable
Group SA USD
Term Loan B11,
4.061%,
(US0003M +
2.750%),
06/21/25		    

4,777,739

      

0.6

    
 

3,930,300

             Numericable
U.S. LLC USD
Term Loan B10,
4.561%,
(US0003M +
3.250%),
01/13/25		    

3,950,565

      

0.5

    
 

3,032,400

             Radiate
Holdco, LLC
First Lien Term
Loan, 4.239%,
(US0003M +
3.000%), 12/02/23		    

2,994,225

      

0.4

    
 

4,250,000

             Telenet Financing
USD LLC USD
Term Loan AI,
3.977%,
(US0003M +
2.750%),
03/31/25		    

4,263,659

      

0.5

    

EUR

1,000,000

             Telenet
International
Finance S.a.r.l.
EUR Term Loan
AH, 3.000%,
(EUR003M +
3.000%),
03/31/26		    

1,201,033

      

0.2

    
 

1,786,523

             Telesat Canada
Term Loan B4,
4.300%,
(US0003M +
3.000%),
11/17/23		    

1,801,409

      

0.2

    
 

2,750,000

             UPC Financing
Partnership USD
Term Loan AP,
3.977%,
(US0003M +
2.750%),
04/15/25		    

2,759,740

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

4,500,000

             Virgin Media
Investment
Holdings Limited
USD Term
Loan I, 3.977%,
(US0003M +
2.750%),
01/31/25		  

$

4,515,471

      

0.5

    
 

900,636

             WaveDivision
Holdings, LLC
Term Loan B,
4.030%,
(US0003M +
2.750%),
10/15/19		    

902,663

      

0.1

    
 

7,940,000

             WideOpenWest
Finance LLC
2017 Term
Loan B, 4.478%,
(US0003M +
3.250%),
08/18/23		    

7,949,925

      

1.0

    

EUR

2,000,000

             Ziggo Secured
Finance BV EUR
Term Loan F,
3.000%,
(EUR003M +
3.000%),
04/23/25		    

2,393,401

      

0.3

    
                 

40,682,490

      

4.9

    
       

Chemicals & Plastics: 6.9%

  

EUR

1,240,625

             Allnex
(Luxembourg) &
Cy S.C.A. 2016
EUR Term
Loan B1,
3.250%,
(EUR003M +
3.250%),
05/31/23		    

1,483,827

      

0.2

    
 

1,203,912

             Allnex
(Luxembourg) &
Cy S.C.A. 2016
USD Term
Loan B2, 4.567%,
(US0003M +
3.250%),
05/31/23		    

1,208,427

      

0.1

    
 

907,016

             Allnex USA, Inc.
USD Term
Loan B3, 4.567%,
(US0003M +
3.250%),
05/31/23		    

910,417

      

0.1

    

See Accompanying Notes to Financial Statements
28


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Chemicals & Plastics (continued)

  
 

804,000

             Alpha 3 B.V. 2017
Term Loan B1,
4.296%,
(US0003M +
3.000%),
01/24/24		  

$

807,350

      

0.1

    
 

5,985,000

             Avantor
Performance
Materials
Holdings, LLC
2017 First Lien
Term Loan,
5.240%,
(US0003M +
4.000%),
03/10/24		    

6,024,279

      

0.7

    
 

350,000

             Avantor
Performance
Materials
Holdings, LLC
2017 Second
Lien Term Loan,
9.490%,
(US0003M +
8.250%),
03/10/25		    

351,969

      

0.1

    
 

1,178,276

             Colouroz
Investment 2 LLC
USD Second
Lien Term
Loan B2, 8.563%,
(US0003M +
7.250%),
09/06/22		    

1,151,765

      

0.1

    

EUR

1,000,000

      

(1

)

   Diamond (BC) B.V.
EUR Term Loan,
4.568%,
(EUR003M +
3.750%),
07/25/24		    

1,189,459

      

0.1

    
 

1,390,000

      

(1

)

   Diamond (BC) B.V.
USD Term Loan,
4.318%,
(US0003M +
3.500%),
07/12/24		    

1,385,223

      

0.2

    
 

3,091,521

             Emerald
Performance
Materials, LLC
New First Lien
Term Loan,
4.739%,
(US0001M +
3.500%),
08/01/21		    

3,113,162

      

0.4

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,000,000

             Emerald
Performance
Materials, LLC
New Second
Lien Term Loan,
8.989%,
(US0001M +
7.750%),
08/01/22		  

$

1,001,563

      

0.1

    
 

2,233,824

             Flint Group
US LLC,
Colouroz
Investment 1,
GMBH USD
First Lien
Term Loan B2,
4.312%,
(US0003M +
3.000%),
09/07/21		    

2,204,505

      

0.3

    
 

369,277

             Flint Group,
Colouroz
Investment 1,
GMBH USD
Term Loan C,
4.312%,
(US0003M +
3.000%),
09/07/21		    

361,892

      

0.0

    
 

1,332,833

             Huntsman
International LLC
Term Loan B,
4.239%,
(US0003M +
3.000%),
11/03/23		    

1,343,029

      

0.2

    
 

3,519,298

             INEOS Styrolution
Group GmbH
USD 2017 First
Lien Term Loan,
4.046%,
(US0003M +
2.750%),
03/07/24		    

3,541,842

      

0.4

    
 

4,912,567

             Ineos US
Finance LLC
2022 USD Term
Loan, 4.007%,
(US0003M +
2.750%),
03/31/22		    

4,935,981

      

0.6

    

EUR

1,935,399

             Inovyn
Finance PLC
2017 EUR Term
Loan B, 3.750%,
(EUR003M +
3.000%),
05/31/24		    

2,331,562

      

0.3

    

See Accompanying Notes to Financial Statements
29


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Chemicals & Plastics (continued)

  

EUR

2,000,000

             Klockner-
Pentaplast of
America, Inc.
EUR 2017 Term
Loan B1, 4.750%,
(EUR003M +
4.750%),
06/13/24		  

$

2,350,769

      

0.3

    
 

2,000,000

             Klockner-
Pentaplast of
America, Inc.
USD 2017 Term
Loan B2, 5.546%,
(US0003M +
4.250%),
06/13/24		    

2,000,000

      

0.2

    
 

1,271,636

             KMG
Chemicals Inc
Term Loan B,
5.489%,
(US0003M +
4.250%),
04/23/24		    

1,292,332

      

0.1

    
 

2,441,315

             Kraton
Polymers, LLC
2016 Term
Loan B, 4.239%,
(US0003M +
3.000%),
01/06/22		    

2,467,808

      

0.3

    
 

1,940,561

             MacDermid, Inc.
USD Term
Loan B6, 4.234%,
(US0003M +
3.000%),
06/07/23		    

1,951,997

      

0.2

    

EUR

825,000

             Novacap S.A.
EUR Term
Loan B, 4.250%,
(EUR003M +
4.250%),
04/28/23		    

991,638

      

0.1

    
 

1,622,659

             Orion Engineered
Carbons GmbH
USD Term Loan,
3.796%,
(US0003M +
3.000%),
07/25/21		    

1,634,829

      

0.2

    

EUR

500,000

             Parexgroup SA,
Financiere Dry
Mix Solutions
S.A.S. EUR First
Lien Term Loan,
3.500%,
(EUR003M +
3.500%),
03/08/24		    

598,611

      

0.1

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

757,364

             PQ Corporation
2017 USD Term
Loan, 4.562%,
(US0003M +
3.250%),
11/04/22		  

$

763,045

      

0.1

    
 

179,310

             Royal
Holdings, Inc.
2015 Second
Lien Term Loan,
8.794%,
(US0003M +
7.500%),
06/01/23		    

179,646

      

0.0

    
 

2,434,255

             Royal
Holdings, Inc.
2017 Term
Loan B, 4.546%,
(US0003M +
3.250%),
06/30/22		    

2,453,425

      

0.3

    
 

3,575,568

             Solenis
International, LP
USD First Lien
Term Loan,
4.567%,
(US0003M +
3.250%),
07/02/21		    

3,589,256

      

0.4

    
 

530,000

      

(1

)

   Trinseo Materials
Operating S.C.A.
2017 Term Loan,
3.818%,
(US0003M +
2.500%),
08/16/24		    

532,871

      

0.1

    
 

2,969,072

             Tronox Pigments
(Netherlands) B.V.
2013 Term Loan,
4.796%,
(US0003M +
3.500%),
03/19/20		    

2,982,632

      

0.4

    
 

785,000

             Venator Materials
Corporation
Term Loan B,
4.312%,
(US0003M +
3.000%),
06/20/24		    

789,416

      

0.1

    
                 

57,924,527

      

6.9

    
       

Clothing/Textiles 0.7%

  
 

4,875,564

             Varsity Brands, Inc.
First Lien Term
Loan, 4.732%,
(US0003M +
3.500%),
12/03/21		    

4,910,824

      

0.6

    

See Accompanying Notes to Financial Statements
30


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Clothing/Textiles (continued)

  
 

673,816

             Vince, LLC Term
Loan B, 6.312%,
(US0003M +
5.000%),
11/27/19		  

$

589,589

      

0.1

    
                 

5,500,413

      

0.7

    
       

Conglomerates: 0.3%

  
 

2,504,204

             Jason Incorporated
First Lien Term
Loan, 5.796%,
(US0003M +
4.500%),
05/21/21		    

2,323,901

      

0.3

    
 

599,932

             Jason Incorporated
Second Lien
Term Loan,
9.296%,
(US0003M +
8.000%),
05/21/22		    

452,949

      

0.0

    
                 

2,776,850

      

0.3

    
       

Containers & Glass Products: 4.7%

  
 

2,375,000

             Albea Beauty
Holdings S.A
USD First Lien
Term Loan,
5.163%,
(US0003M +
3.750%),
03/09/24		    

2,372,031

      

0.3

    
 

630,000

             Berlin
Packaging LLC
2014 Second
Lien Term Loan,
7.990%,
(US0003M +
6.750%),
09/24/22		    

634,988

      

0.1

    
 

5,616,172

             Berlin
Packaging LLC
2017 Term
Loan B, 4.513%,
(US0003M +
3.250%),
10/01/21		    

5,644,837

      

0.6

    
 

798,000

             Berry Plastics
Group, Inc.
Term Loan N,
3.481%,
(US0003M +
2.250%),
01/19/24		    

798,998

      

0.1

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,260,000

             BWAY Holding
Company 2017
Term Loan B,
4.481%,
(US0003M +
3.250%),
04/03/24		  

$

1,263,150

      

0.2

    
 

900,000

             Consolidated
Container
Company LLC
2017 First Lien
Term Loan,
4.739%,
(US0003M +
3.500%),
05/09/24		    

908,157

      

0.1

    
 

2,723,175

             Flex Acquisition
Company, Inc.
First Lien Term
Loan, 4.299%,
(US0003M +
3.000%),
12/13/23		    

2,719,771

      

0.3

    

EUR

3,000,000

             Horizon
Holdings III SAS
EUR Term
Loan B4, 2.750%,
(EUR003M +
3.000%),
10/29/22		    

3,579,166

      

0.4

    
 

2,226,295

             Husky Injection
Molding
Systems Ltd.
New Term
Loan B, 4.489%,
(US0003M +
3.250%),
06/30/21		    

2,239,450

      

0.3

    
 

2,139,250

             Milacron LLC
Amended Term
Loan B, 4.239%,
(US0003M +
3.000%),
09/28/23		    

2,147,272

      

0.3

    
 

2,587,998

             ProAmpac
PG Borrower LLC
First Lien Term
Loan, 5.275%,
(US0003M +
4.000%),
11/18/23		    

2,623,044

      

0.3

    
 

460,000

             ProAmpac
PG Borrower LLC
Second Lien Term
Loan, 9.816%,
(US0003M +
8.500%),
10/21/24		    

469,488

      

0.1

    

See Accompanying Notes to Financial Statements
31


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Containers & Glass Products (continued)

  
 

6,722,494

             Reynolds Group
Holdings Inc.
USD 2017
Term Loan,
4.239%,
(US0003M +
3.000%),
02/05/23		  

$

6,739,300

      

0.8

    
 

4,551,624

             SIG Combibloc
Group AG,
4.239%,
(US0001M +
3.000%),
03/13/22		    

4,579,790

      

0.5

    
 

2,058,180

             Tricorbraun
Holdings Inc
First Lien Term
Loan, 5.046%,
(US0003M +
3.750%),
11/30/23		    

2,080,692

      

0.3

    
 

206,852

      

(2

)

   TricorBraun
Holdings, Inc.
First Lien
Delayed Draw
Term Loan,
3.750%,
(US0003M +
3.750%),
11/30/23		    

209,115

      

0.0

    
                 

39,009,249

      

4.7

    
       

Cosmetics/Toiletries: 0.4%

  
 

1,585,000

             Parfums Hldg
Co Inc, Wellness
Merger Sub, Inc.
First Lien Term
Loan, 6.046%,
(US0003M +
4.750%),
06/30/24		    

1,591,605

      

0.2

    
 

2,327,250

             Revlon Consumer
Products
Corporation 2016
Term Loan B,
4.739%,
(US0003M +
3.500%),
07/22/23		    

2,100,759

      

0.2

    
                 

3,692,364

      

0.4

    
       

Drugs: 1.1%

  
 

2,763,011

             Alvogen Pharma
US, Inc. Term
Loan, 6.240%,
(US0003M +
5.000%),
04/02/22		    

2,745,742

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

4,000,000

             Endo Luxembourg
Finance
Company I S.a r.l.
2017 Term
Loan B, 5.500%,
(US0003M +
4.250%),
04/05/24		  

$

4,024,284

      

0.5

    
 

1,197,000

             Horizon
Pharma, Inc.
2017 Term
Loan B, 5.000%,
(US0003M +
3.750%),
03/15/24		    

1,207,287

      

0.2

    
 

948,900

             Prestige
Brands, Inc.
Term Loan B5,
3.989%,
(US0003M +
2.750%),
01/26/24		    

952,977

      

0.1

    
                 

8,930,290

      

1.1

    
       

Ecological Services & Equipment: 1.1%

  
 

3,419,562

             4L Holdings, LLC
First Lien Term
Loan, 5.731%,
(US0003M +
4.500%),
05/08/20		    

3,009,215

      

0.4

    
 

6,109,268

             ADS Waste
Holdings Inc
Term Loan,
3.944%,
(US0003M +
2.750%),
11/10/23		    

6,153,658

      

0.7

    
                 

9,162,873

      

1.1

    
       

Electronics/Electrical: 17.6%

  
 

2,789,524

             Aptean, Inc.
2017 First Lien
Term Loan,
5.550%,
(US0003M +
4.250%),
12/20/22		    

2,814,629

      

0.3

    
 

1,685,773

      

(1

)

   ASG Technologies
Group, Inc.
Term Loan,
6.061%,
(US0003M +
4.750%),
07/10/24		    

1,706,846

      

0.2

    

See Accompanying Notes to Financial Statements
32


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Electronics/Electrical (continued)

  

EUR

487,578

             Avast Software B.V.
2017 EUR
Term Loan B,
3.500%,
(EUR003M +
3.500%),
09/30/23		  

$

586,864

      

0.1

    
 

4,105,408

             Avast Software B.V.
2017 USD Term
Loan B, 4.503%,
(US0003M +
3.250%),
09/30/23		    

4,137,910

      

0.5

    
 

6,000,998

             BMC Software
Finance, Inc.
2017 USD Term
Loan, 5.239%,
(US0003M +
4.000%),
09/13/22		    

6,041,235

      

0.7

    

EUR

1,648,770

             BMC Software
Finance, Inc.
EUR Term Loan,
4.500%,
(EUR003M +
4.500%),
09/10/20		    

1,978,455

      

0.3

    
 

5,512,788

             Compuware
Corporation
Term Loan B3,
5.550%,
(US0003M +
4.250%),
12/15/21		    

5,566,196

      

0.7

    
 

14,644,522

             Dell Inc. 2017
Term Loan B,
3.740%,
(US0003M +
2.500%),
09/07/23		    

14,720,366

      

1.8

    
 

5,146,265

             Epicor Software
Corporation
First Lien Term
Loan, 4.990%,
(US0003M +
3.750%),
05/08/22		    

5,162,347

      

0.6

    
 

4,834,179

             Evergreen Skills
Lux S A R L,
SkillSoft
Corporation
First Lien Term
Loan, 5.989%,
(US0003M +
4.750%),
04/28/21		    

4,512,406

      

0.5

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,457,207

             Eze Castle
Software Inc.
2017 First Lien
Term Loan,
4.296%,
(US0003M +
3.000%),
04/06/20		  

$

1,464,493

      

0.2

    
 

980,625

             Eze Castle
Software Inc.
New Second
Lien Term Loan,
7.796%,
(US0003M +
6.500%),
04/05/21		    

983,076

      

0.1

    
 

6,493,022

             Go Daddy
Operating
Company, LLC
2017 Term
Loan B, 3.734%,
(US0003M +
2.500%),
02/02/24		    

6,519,805

      

0.8

    

EUR

1,990,000

             Greeneden U.S.
Holdings II, LLC
2017 EUR Term
Loan B, 5.000%,
(EUR003M +
4.000%),
12/01/23		    

2,388,541

      

0.3

    
 

1,149,225

             Greeneden U.S.
Holdings II, LLC
USD 2017 Term
Loan B2, 5.007%,
(US0003M +
3.750%),
12/01/23		    

1,157,245

      

0.1

    
 

5,994,732

             Hyland
Software, Inc.
2017 First Lien
Term Loan,
4.489%,
(US0003M +
3.250%),
07/01/22		    

6,044,062

      

0.7

    

EUR

1,182,038

             Infor (US), Inc.
EUR Extended
Term Loan B,
3.750%,
(EUR003M +
2.750%),
02/01/22		    

1,416,245

      

0.2

    
 

2,993,114

             Informatica
Corporation USD
Term Loan,
4.796%,
(US0003M +
3.500%),
05/29/22		    

3,001,845

      

0.4

    

See Accompanying Notes to Financial Statements
33


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Electronics/Electrical (continued)

  
 

6,169,039

             Kronos
Incorporated
2017 Term
Loan B, 4.811%,
(US0003M +
3.500%),
11/01/23		  

$

6,227,922

      

0.7

    
 

1,329,750

             Lully Finance LLC
USD Term
Loan B3, 4.734%,
(US0003M +
3.500%),
10/14/22		    

1,318,946

      

0.1

    

EUR

410,000

             Lully Finance Sarl
2016 EUR First
Lien Term Loan,
3.750%,
(EUR003M +
3.750%),
10/22/22		    

488,085

      

0.1

    
 

759,682

             MA
FinanceCo., LLC
USD Term
Loan B3,
3.981%,
(US0003M +
2.750%),
04/18/24		    

759,920

      

0.1

    
 

627,353

             MaxLinear, Inc.
Term Loan B,
3.729%,
(US0003M +
2.500%),
04/05/24		    

627,745

      

0.1

    
 

4,430,000

      

(1

)

   MH Sub I, LLC
2017 First Lien
Term Loan,
5.068%,
(US0003M +
3.750%),
08/15/24		    

4,415,603

      

0.5

    
 

1,510,000

      

(1

)

   MH Sub I, LLC
2017 Second
Lien Term Loan,
8.818%,
(US0003M +
7.750%),
08/15/25		    

1,516,292

      

0.2

    
 

1,361,250

             Micron
Technology Inc
Term Loan,
3.800%,
(US0003M +
2.500%),
04/15/22		    

1,372,744

      

0.2

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,267,031

             Navico, Inc.
First Lien Term
Loan, 6.989%,
(US0003M +
5.750%),
03/08/24		  

$

1,263,864

      

0.1

    
 

1,266,195

             Optiv Security, Inc.
First Lien Term
Loan, 4.563%,
(US0003M +
3.250%),
01/19/24		    

1,159,623

      

0.1

    
 

1,000,000

             Optiv Security, Inc.
Second Lien
Term Loan,
8.563%,
(US0003M +
7.250%),
02/01/25		    

905,000

      

0.1

    
 

4,480,771

    

 

   Quest Software
US Holdings INC
First Lien, 7.257%,
(US0003M +
6.000%),
09/23/22		    

4,555,452

      

0.5

    
 

4,472,875

             Rackspace
Hosting, Inc.
2017 First Lien
Term Loan,
4.310%,
(US0003M +
3.000%),
11/03/23		    

4,484,522

      

0.5

    
 

4,830,102

             Riverbed
Technology, Inc.
2016 Term Loan,
4.490%,
(US0003M +
3.250%),
04/24/22		    

4,710,861

      

0.6

    
 

983,598

             Rovi Solutions
Corporation Term
Loan B, 3.740%,
(US0003M +
2.500%),
07/02/21		    

988,270

      

0.1

    
 

4,477,500

             RP Crown
Parent LLC Term
Loan B, 4.739%,
(US0003M +
3.500%),
09/22/23		    

4,515,281

      

0.5

    
 

5,130,318

             Seattle Spinco, Inc.
USD Term
Loan B3, 4.030%,
(US0003M +
2.750%),
04/30/24		    

5,131,924

      

0.6

    

See Accompanying Notes to Financial Statements
34


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Electronics/Electrical (continued)

  

EUR

1,000,000

             SGB-SMIT
Management
GmbH EUR
Term Loan B,
4.000%,
(EUR003M +
4.000%),
07/31/24		  

$

1,206,713

      

0.1

    
 

7,034,153

             SolarWinds
Holdings, Inc.
2017 Term Loan,
4.739%,
(US0003M +
3.500%),
02/05/23		    

7,074,599

      

0.8

    
 

927,865

             Synchronoss
Technologies, Inc.
Term Loan,
5.757%,
(US0003M +
4.500%),
01/12/24		    

924,386

      

0.1

    
 

2,388,000

             Tessera Holding
Corporation
Term Loan B,
4.489%,
(US0003M +
3.250%),
11/03/23		    

2,417,353

      

0.3

    
 

3,797,368

             TTM
Technologies, Inc.
First Lien Term
Loan, 5.489%,
(US0003M +
4.250%),
04/21/22		    

3,851,956

      

0.5

    
 

5,539,268

      

(1

)

   Veritas
Bermuda Ltd.
Repriced Term
Loan B, 5.796%,
(US0003M +
4.500%),
01/27/23		    

5,581,965

      

0.7

    
 

9,108,230

             Western Digital
Corporation 2017
USD Term
Loan B, 3.984%,
(US0003M +
2.750%),
04/29/23		    

9,184,366

      

1.1

    
 

2,947,417

             Zebra
Technologies
Corporation
2017 Term
Loan B, 3.314%,
(US0003M +
2.000%),
10/27/21		    

2,952,041

      

0.4

    
                 

147,837,999

      

17.6

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Equipment Leasing: 0.3%

  
 

2,830,000

             Brand Energy &
Infrastructure
Services, Inc.
2017 Term Loan,
5.522%,
(US0003M +
4.250%),
06/06/24		  

$

2,843,621

      

0.3

    
       

Financial Intermediaries: 2.1%

  
 

1,094,400

             Blucora, Inc.
Term Loan B,
5.037%,
(US0003M +
3.750%),
04/19/24		    

1,103,520

      

0.1

    
 

1,950,000

             Duff & Phelps
Corporation
Term Loan B1,
5.046%,
(US0003M +
3.750%),
04/23/20		    

1,967,062

      

0.2

    
 

3,638,500

             Duff & Phelps
Investment
Management Co.
Term Loan B,
5.046%,
(US0003M +
3.750%),
04/23/20		    

3,669,591

      

0.5

    
 

2,039,000

             FinCo I LLC
2017 Term
Loan B, 1.375%,
(US0003M +
1.375%),
06/02/22		    

2,059,390

      

0.2

    
 

775,000

             Focus Financial
Partners, LLC
First Lien
Term Loan,
4.549%,
(US0003M +
3.250%),
05/22/24		    

783,719

      

0.1

    
 

5,326,650

             LPL Holdings, Inc.
2017 Term
Loan B, 3.825%,
(US0003M +
2.500%),
03/10/24		    

5,356,612

      

0.6

    
 

2,976,958

             Trans Union, LLC
Term Loan B3,
3.239%,
(US0003M +
2.000%),
04/07/23		    

2,984,933

      

0.4

    
                 

17,924,827

      

2.1

    

See Accompanying Notes to Financial Statements
35


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Food Products: 2.9%

  
 

1,005,000

             American Seafoods
Group LLC 2017
First Lien Term
Loan, 4.555%,
(US0003M +
3.250%),
08/21/23		  

$

1,009,397

      

0.1

    
 

770,000

             Atkins Nutritionals
Holdings II, Inc.
2017 Term Loan B,
5.312%,
(US0003M +
4.000%),
06/21/24		    

776,737

      

0.1

    
 

2,387,782

             Atrium
Innovations Inc.
USD Term Loan,
4.796%,
(US0003M +
3.500%),
02/13/21		    

2,397,732

      

0.3

    
 

876,101

             CSM Bakery
Solutions LLC
First Lien Term
Loan, 5.300%,
(US0003M +
4.000%),
07/03/20		    

848,176

      

0.1

    
 

2,991,313

             Del Monte
Foods, Inc. First
Lien Term Loan,
4.575%,
(US0003M +
3.250%),
02/18/21		    

2,462,847

      

0.3

    
 

3,700,000

             Del Monte
Foods, Inc.
Second Lien
Term Loan,
8.690%,
(US0003M +
7.250%),
08/18/21		    

2,183,000

      

0.2

    
 

1,590,000

             Dole Food
Company Inc.
2017 Term
Loan B, 4.012%,
(US0003M +
2.750%),
03/16/24		    

1,597,177

      

0.2

    
 

4,643,843

             Hostess
Brands, LLC
2017 Term Loan,
3.739%,
(US0003M +
2.500%),
08/03/22		    

4,665,125

      

0.6

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

3,236,875

             JBS USA, LLC
2017 Term
Loan B, 3.804%,
(US0003M +
2.500%),
10/30/22		  

$

3,216,140

      

0.4

    
 

1,390,000

             Nomad Foods
Europe Midco
Limited USD
Term Loan B,
3.977%,
(US0003M +
2.750%),
04/18/24		    

1,396,950

      

0.2

    
 

1,770,000

             NPC
International, Inc.
First Lien Term
Loan, 4.736%,
(US0003M +
3.500%),
03/17/24		    

1,783,275

      

0.2

    
 

605,000

             NPC
International, Inc.
Second Lien
Term Loan,
8.736%,
(US0003M +
7.500%),
03/17/25		    

613,319

      

0.1

    

EUR

1,000,000

      

(1

)

   Valeo F1 Company
Limited (Ireland)
2017 EUR Term
Loan B, 5.068%,
(EUR003M +
3.750%),
08/09/24		    

1,192,961

      

0.1

    
                 

24,142,836

      

2.9

    
       

Food Service: 1.8%

  
 

4,362,237

             1011778 B.C.
Unlimited Liability
Company Term
Loan B3, 3.511%,
(US0003M +
2.250%),
02/14/24		    

4,361,329

      

0.5

    
 

3,688,020

             CEC Entertainment
Concepts, L.P.
Term Loan,
4.239%,
(US0003M +
3.000%),
02/14/21		    

3,675,344

      

0.5

    
 

1,470,385

             Landrys, Inc.
2016 Term
Loan B, 3.984%,
(US0003M +
2.750%),
09/13/23		    

1,467,628

      

0.2

    

See Accompanying Notes to Financial Statements
36


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Food Service (continued)

  
 

1,922,564

             Manitowoc
Foodservice, Inc.
Term Loan B,
4.239%,
(US0003M +
3.000%),
04/02/23		  

$

1,940,588

      

0.2

    
 

3,465,000

             US Foods, Inc.
2016 Term
Loan B, 3.989%,
(US0003M +
2.750%),
06/13/23		    

3,486,656

      

0.4

    
                 

14,931,545

      

1.8

    
       

Food/Drug Retailers: 2.7%

  
 

4,141,789

             Albertsons, LLC
USD 2017 Term
Loan B4, 3.989%,
(US0003M +
2.750%),
08/25/21		    

4,049,895

      

0.5

    
 

1,516,200

             Albertsons, LLC
USD 2017 Term
Loan B6, 4.317%,
(US0003M +
3.000%),
06/22/23		    

1,476,084

      

0.2

    
 

1,165,000

      

(1

)

   Natures Bounty
Co. (The)
2017 Second
Lien Term Loan,
9.068%,
(US0003M +
7.750%),
09/15/25		    

1,161,117

      

0.1

    
 

1,592,000

             Natures Bounty
Co. (The)
2017 USD Term
Loan B, 4.796%,
(US0003M +
3.500%),
05/05/23		    

1,590,720

      

0.2

    
 

2,510,000

      

(1

)

   Natures Bounty
Co. (The)
New 2017 Term
Loan, 4.818%,
(US0003M +
3.500%),
08/11/24		    

2,495,881

      

0.3

    
 

2,428,807

             Portillos
Holdings, LLC
First Lien Term
Loan, 5.796%,
(US0003M +
4.500%),
08/02/21		    

2,441,711

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

3,124,300

             Moran Foods LLC
Term Loan,
7.239%,
(US0003M +
6.000%),
11/29/23		  

$

2,975,896

      

0.4

    
 

1,950,000

             Smart & Final
Stores LLC First
Lien Term Loan,
4.772%,
(US0003M +
3.500%),
11/15/19		    

1,883,375

      

0.2

    
 

1,791,764

             Supervalu Inc.
2017 Delayed
Draw Term Loan,
4.734%,
(US0003M +
3.500%),
06/08/24		    

1,733,532

      

0.2

    
 

2,986,273

             Supervalu Inc.
2017 Term
Loan B, 4.739%,
(US0003M +
3.500%),
06/08/24		    

2,889,219

      

0.3

    
                 

22,697,430

      

2.7

    
       

Forest Products: 0.2%

  
 

1,633,500

             Blount
International Inc.
USD Term Loan,
6.236%,
(US0003M +
5.000%),
04/12/23		    

1,650,856

      

0.2

    
       

Health Care: 16.8%

  
 

4,107,147

             Acadia Healthcare
Company, Inc.
Term Loan B2,
3.982%,
(US0003M +
2.750%),
04/02/23		    

4,152,839

      

0.5

    
 

1,004,873

             ADMI Corp.
2015 Term
Loan B, 5.061%,
(US0003M +
3.750%),
04/30/22		    

1,016,387

      

0.1

    
 

7,800,862

             Air Medical Group
Holdings, Inc.
Term Loan B,
4.489%,
(US0003M +
3.250%),
04/06/22		    

7,607,463

      

0.9

    

See Accompanying Notes to Financial Statements
37


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Health Care (continued)

  
 

3,335,670

             Air Methods
Corporation
2017 Term
Loan B, 4.796%,
(US0003M +
3.500%),
04/21/24		  

$

3,264,787

      

0.4

    
 

965,000

      

(1

)

   Albany Molecular
Research, Inc.
2017 First Lien
Term Loan,
4.568%,
(US0003M +
3.750%),
07/19/24		    

967,111

      

0.1

    
 

1,889,244

             ATI Holdings
Acquisition, Inc.
2016 Term Loan,
4.801%,
(US0003M +
3.500%),
04/21/23		    

1,899,871

      

0.2

    
 

5,188,390

             Auris
Luxembourg III
 S.a.r.l. 2017 USD
Term Loan B7,
4.296%,
(US0003M +
3.000%),
01/17/22		    

5,201,361

      

0.6

    
 

2,441,266

             CareCore
National, LLC
Term Loan B,
5.239%,
(US0003M +
4.000%),
03/05/21		    

2,476,360

      

0.3

    
 

1,563,750

      

(1

)

   Carestream Dental
Equiment, Inc
2017 First Lien
Term Loan B,
4.568%,
(US0003M +
4.000%),
08/07/24		    

1,561,307

      

0.2

    
 

3,948,165

             Catalent Pharma
Solutions Inc.
USD Term
Loan B, 3.989%,
(US0003M +
2.750%),
05/20/21		    

3,979,185

      

0.5

    
 

348,687

             CCS Intermediate
Holdings LLC —
First Lien, 5.296%,
(US0003M +
4.000%),
07/23/21		    

312,947

      

0.0

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

3,478,516

             CDRH Parent, Inc.
New First Lien
Term Loan,
5.320%,
(US0003M +
4.250%),
07/01/21		  

$

2,773,247

      

0.4

    
 

2,500,000

             CDRH Parent, Inc.
Second Lien,
9.299%,
(US0003M +
8.000%),
07/01/22		    

1,806,250

      

0.2

    
 

7,431,375

             Change Healthcare
Holdings, Inc.
2017 Term
Loan B, 3.989%,
(US0003M +
2.750%),
02/08/24		    

7,444,276

      

0.9

    
 

4,051,225

             CHG Healthcare
Services Inc.
2017 Term
Loan B, 4.561%,
(US0003M +
3.250%),
06/07/23		    

4,092,053

      

0.5

    
 

4,937,951

             Community Health
Systems, Inc.
Term Loan H,
4.317%,
(US0003M +
3.000%),
01/27/21		    

4,928,252

      

0.6

    
 

1,614,363

             Concentra Inc.
First Lien Term
Loan, 4.211%,
(US0003M +
3.000%),
04/22/22		    

1,627,935

      

0.2

    
 

4,304,641

             Cotiviti Corporation
Term Loan B,
3.800%,
(US0003M +
2.500%),
09/28/23		    

4,324,356

      

0.5

    
 

3,645,069

             DJO Finance LLC
2015 Term Loan,
4.485%,
(US0003M +
3.250%),
04/21/20		    

3,634,134

      

0.4

    
 

3,734,542

             Envision
Healthcare Corp
Term Loan B,
4.300%,
(US0003M +
3.000%),
11/09/23		    

3,765,352

      

0.5

    

See Accompanying Notes to Financial Statements
38


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Health Care (continued)

  
 

2,099,164

             ExamWorks
Group, Inc.
 2017 Term Loan,
4.489%,
(US0003M +
3.250%),
07/23/23		  

$

2,112,941

      

0.3

    
 

610,000

             GHX Ultimate
Parent Corp,
Commerce Merger
Sub, Inc. 2017
First Lien Term
Loan, 4.546%,
(US0003M +
3.250%),
05/31/24		    

610,381

      

0.1

    
 

1,686,785

             Greenway
Health, LLC 2017
First Lien Term
Loan, 6.050%,
(US0003M +
4.750%),
02/14/24		    

1,691,002

      

0.2

    
 

2,389,000

             Grifols Worldwide
Operations
USA, Inc. 2017
Acquisition Term
Loan, 3.444%,
(US0003M +
2.250%),
12/20/23		    

2,395,379

      

0.3

    
 

6,227,263

             Iasis
Healthcare LLC
Term Loan B3,
5.296%,
(US0003M +
4.000%),
02/16/21		    

6,272,411

      

0.8

    
 

2,500,000

             INC
Research, LLC
2017 Term
Loan B, 3.489%,
(US0003M +
2.250%),
06/27/24		    

2,508,985

      

0.3

    
 

4,425,850

             Jaguar Holding
Company II
2017 Term Loan,
4.019%,
(US0003M +
2.750%),
08/18/22		    

4,446,045

      

0.5

    
 

5,320,000

             Kinetic
Concepts, Inc.
2017 USD Term
Loan B, 4.546%,
(US0003M +
3.250%),
01/25/24		    

5,281,207

      

0.6

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

3,100,447

             MPH Acquisition
Holdings LLC
2016 Term
Loan B,
4.296%,
(US0003M +
3.000%),
06/07/23		  

$

3,116,780

      

0.4

    
 

4,618,393

             NVA Holdings, Inc.
USD First Lien
Term Loan B2,
4.796%,
(US0003M +
3.500%),
08/14/21		    

4,651,590

      

0.6

    
 

2,879,259

             Onex TSG
Holdings II
Corp. First Lien
Term Loan,
5.239%,
(US0003M +
4.000%),
07/31/22		    

2,893,655

      

0.3

    
 

4,656,000

      

(1

)

   Parexel
International
Corporation
Term Loan B,
4.318%,
(US0003M +
3.250%),
08/07/24		    

4,670,550

      

0.6

    
 

1,976,464

             Precyse Acquisition
Corp, nThrive, Inc.
2016 First Lien
Term Loan,
5.739%,
(US0003M +
4.500%),
09/30/22		    

1,993,142

      

0.2

    
 

225,000

             Press Ganey
Holdings, Inc.
Second Lien
Term Loan,
8.489%,
(US0003M +
7.250%),
09/20/24		    

230,344

      

0.0

    
 

1,144,250

             Press Ganey
Holdings, Inc.
First Lien Term
Loan, 4.489%,
(US0003M +
3.250%),
09/20/23		    

1,150,329

      

0.1

    
 

1,668,000

             Prospect Medical
Holdings, Inc.
Term Loan,
7.250%,
(US0003M +
6.000%),
06/01/22		    

1,696,148

      

0.2

    

See Accompanying Notes to Financial Statements
39


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Health Care (continued)

  
 

3,366,563

             Select Medical
Corporation
2017 Term
Loan B, 4.810%,
(US0003M +
3.500%),
01/26/24		  

$

3,403,706

      

0.4

    
 

5,337,747

             Sterigenics-Nordion
Holdings, LLC
2017 Term
Loan B, 4.239%,
(US0003M +
3.000%),
03/23/22		    

5,339,418

      

0.6

    
 

2,850,000

      

(1

)

   Surgery Center
Holdings, Inc.
2017 Term
Loan B, 4.568%,
(US0003M +
3.500%),
06/06/24		    

2,825,507

      

0.3

    
 

3,206,963

             Team Health
Holdings, Inc.
First Lien Term
Loan, 3.989%,
(US0003M +
2.750%),
01/17/24		    

3,176,897

      

0.4

    
 

940,000

             Tecomet Inc.
2017 Term
Loan B, 5.065%,
(US0003M +
3.750%),
04/13/24		    

944,504

      

0.1

    
 

1,350,000

             U.S. Anesthesia
Partners, Inc.
2017 Term Loan,
4.486%,
(US0003M +
3.250%),
06/07/24		    

1,355,625

      

0.2

    
 

6,899,950

             U.S. Renal
Care, Inc. 2015
Term Loan B,
5.546%,
(US0003M +
4.250%),
11/06/22		    

6,779,201

      

0.8

    
 

2,327,725

             Valeant
Pharmaceuticals
International, Inc.
Term Loan B F1,
5.990%,
(US0003M +
4.750%),
03/13/22		    

2,369,053

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,891,684

             Vizient, Inc. 2017
Term Loan B,
4.734%,
(US0003M +
3.500%),
02/13/23		  

$

1,916,039

      

0.2

    
                 

140,666,312

      

16.8

    
       

Holding Companies — Diversified: 0.8%

  
 

6,912,500

             First Eagle
Holdings, Inc.
Term Loan B,
4.796%,
(US0003M +
3.500%),
12/01/22		    

6,991,130

      

0.8

    
       

Home Furnishings: 1.2%

  
 

2,873,012

             Apollo Sec Svcs
Borrower LLC,
Prime Security
Services
Borrower, LLC
2016 First Lien
Term Loan,
3.989%,
(US0003M +
2.750%),
05/02/22		    

2,892,764

      

0.3

    
 

3,273,750

             Hillman Group Inc.
(The) Term
Loan B, 4.796%,
(US0003M +
3.500%),
06/30/21		    

3,295,236

      

0.4

    
 

4,064,500

             Serta Simmons
Bedding, LLC
First Lien Term
Loan, 4.801%,
(US0003M +
3.500%),
10/20/23		    

3,961,871

      

0.5

    
                 

10,149,871

      

1.2

    
       

Industrial Equipment: 4.6%

  
 

920,000

             Accudyne
Industries, LLC
2017 Term Loan,
5.013%,
(US0003M +
3.750%),
08/02/24		    

922,444

      

0.1

    
 

3,362,849

             Apex Tool
Group, LLC
Term Loan B,
4.500%,
(US0001M +
3.250%),
02/01/20		    

3,242,348

      

0.4

    

See Accompanying Notes to Financial Statements
40


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Industrial Equipment (continued)

  
 

101,353

             CeramTec
Acquisition
Corporation USD
Term Loan B2,
4.067%,
(US0003M +
2.750%),
08/30/20		  

$

101,701

      

0.0

    
 

2,272,652

             Columbus
McKinnon
Corporation
Term Loan B,
4.296%,
(US0003M +
3.000%),
01/13/24		    

2,290,378

      

0.3

    
 

4,374,847

             Cortes NP
Acquisition
Corporation 2017
Term Loan B,
5.239%,
(US0003M +
4.000%),
11/30/23		    

4,411,762

      

0.5

    
 

1,862,548

             EWT Holdings III
Corp, WTG
Holdings III Corp.
First Lien Term
Loan, 5.046%,
(US0003M +
3.750%),
01/15/21		    

1,885,829

      

0.2

    
 

815,952

             Faenza
Acquisition GmbH
USD Term
Loan B1,
4.067%,
(US0003M +
2.750%),
08/30/20		    

818,757

      

0.1

    
 

247,463

             Faenza
Acquisition
GmbH USD
Term Loan B3,
4.067%,
(US0003M +
2.750%),
08/30/20		    

248,313

      

0.0

    
 

2,640,689

             Filtration Group
Corporation
First Lien Term
Loan, 4.257%,
(US0003M +
3.000%),
11/21/20		    

2,658,843

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  

EUR

4,000,000

      

(1

)

   Gardner
Denver, Inc.
2017 EUR Term
Loan B, 4.318%,
(EUR003M +
3.500%),
07/30/24		  

$

4,759,322

      

0.6

    
 

5,126,966

             Gardner
Denver, Inc.
USD Term Loan,
4.546%,
(US0003M +
3.250%),
07/30/20		    

5,131,775

      

0.6

    
 

1,191,000

             Global Brass &
Copper, Inc.
2016 Term
Loan B, 4.500%,
(US0003M +
3.250%),
06/15/23		    

1,201,421

      

0.1

    
 

1,261,773

             Kenan Advantage
Group, Inc. 2015
Term Loan,
4.239%,
(US0003M +
3.000%),
07/31/22		    

1,262,692

      

0.2

    
 

383,708

             Kenan Advantage
Group, Inc.
CAD Term
Loan B, 4.239%,
(US0003M +
3.000%),
07/31/22		    

383,988

      

0.0

    
 

600,826

             MKS
Instruments, Inc.
2017 Term
Loan B2, 3.489%,
(US0003M +
2.250%),
05/01/23		    

606,710

      

0.1

    
 

6,156,182

             Rexnord LLC 2016
Term Loan B,
4.049%,
(US0003M +
2.750%),
08/21/23		    

6,177,347

      

0.7

    
 

1,510,000

             Robertshaw US
Holding Corp
First Lien Term
Loan, 5.750%,
(US0003M +
4.500%),
08/08/24		    

1,521,798

      

0.2

    

See Accompanying Notes to Financial Statements
41


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Industrial Equipment (continued)

  
 

635,000

      

(1

)

   Robertshaw US
Holding Corp
Second Lien
Term Loan,
10.318%,
(US0003M +
9.000%),
02/08/25		  

$

632,619

      

0.1

    
 

698,250

             Terex Corporation
2017 Term
Loan B, 3.726%,
(US0003M +
2.500%),
01/24/24		    

700,577

      

0.1

    
                 

38,958,624

      

4.6

    
       

Insurance: 7.3%

  
 

5,989,988

             Acrisure, LLC 2016
Term Loan B,
6.296%,
(US0003M +
5.000%),
10/28/23		    

6,087,325

      

0.7

    
 

6,864,986

             Alliant
Holdings I, Inc.
2015 Term
Loan B, 4.564%,
(US0003M +
3.250%),
07/15/22		    

6,877,858

      

0.8

    
 

3,880,500

             AmWINS
Group, Inc. 2017
Term Loan B,
3.986%,
(US0003M +
2.750%),
01/05/24		    

3,893,321

      

0.5

    
 

500,000

             AmWINS
Group, Inc.
Second Lien,
7.989%,
(US0003M +
6.750%),
01/25/25		    

511,875

      

0.0

    
 

5,996,617

             Applied
Systems, Inc.
New First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
01/25/21		    

6,055,960

      

0.7

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

1,890,671

             Applied
Systems, Inc.
New Second
Lien Term Loan,
7.796%,
(US0003M +
6.500%),
01/22/22		  

$

1,913,911

      

0.2

    
 

3,900,219

             AssuredPartners,
Inc. 2017 Term
Loan, 4.739%,
(US0003M +
3.500%),
10/21/22		    

3,916,584

      

0.5

    
 

758,625

             CH Hold Corp.
First Lien Term
Loan, 4.239%,
(US0003M +
3.000%),
01/18/24		    

763,050

      

0.1

    
 

2,360,000

             Cypress Inter
Hldgs III Inc, CCC
Information
Services, Inc.
2017 First Lien
Term Loan,
4.240%,
(US0003M +
3.000%),
03/29/24		    

2,360,000

      

0.3

    
 

190,000

             Cypress Inter
Hldgs III Inc, CCC
Information
Services, Inc.
2017 Second
Lien Term Loan,
7.989%,
(US0003M +
6.750%),
03/29/25		    

195,937

      

0.0

    
 

9,592,320

             Hub International
Limited Term
Loan B, 4.312%,
(US0003M +
3.000%),
10/02/20		    

9,647,658

      

1.2

    
 

4,676,500

             NFP Corp. Term
Loan B, 4.796%,
(US0003M +
3.500%),
01/06/24		    

4,710,601

      

0.6

    
 

5,900,000

             Sedgwick Claims
Mgmt Svcs, Inc.
Second Lien Term
Loan, 6.989%,
(US0003M +
5.750%),
02/28/22		    

5,936,875

      

0.7

    

See Accompanying Notes to Financial Statements
42


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Insurance (continued)

  
 

3,260,182

             Sedgwick, Inc.
First Lien Term
Loan, 3.989%,
(US0003M +
2.750%),
03/01/21		  

$

3,269,692

      

0.4

    
 

3,435,000

             USI, Inc. 2017
Term Loan B,
4.314%,
(US0003M +
3.000%),
03/30/24		    

3,421,047

      

0.4

    
 

1,570,544

             VF Holding Corp
Reprice Term
Loan, 4.546%,
(US0003M +
3.250%),
06/30/23		    

1,577,538

      

0.2

    
                 

61,139,232

      

7.3

    
       

Leisure Good/Activities/Movies: 5.5%

  
 

7,275,000

             24 Hour Fitness
Worldwide, Inc.
New Term
Loan B, 5.046%,
(US0003M +
3.750%),
05/30/21		    

7,277,183

      

0.9

    
 

1,715,000

      

(1

)

   ClubCorp Club
Operations, Inc.
2017 Incremental
Term Loan,
4.568%,
(US0003M +
3.250%),
08/15/24		    

1,705,890

      

0.2

    
 

5,749,027

             Delta 2 (LUX) S.a.r.l.
USD Term
Loan B3, 4.489%,
(US0006M +
3.250%),
07/31/21		    

5,774,507

      

0.7

    
 

350,000

             Equinox
Holdings, Inc.
2017 Second
Lien Term Loan,
8.232%,
(US0003M +
7.000%),
03/03/25		    

357,350

      

0.1

    
 

4,189,500

             Equinox
Holdings, Inc.
2017 Term
Loan B, 4.489%,
(US0003M +
3.250%),
03/03/24		    

4,207,305

      

0.5

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

7,154,129

             Fitness
International, LLC
Term Loan B,
5.489%,
(US0003M +
4.250%),
07/01/20		  

$

7,243,555

      

0.9

    

EUR

1,010,000

      

(1

)

   Fugue Finance B.V.
EUR Term Loan,
4.568%,
(EUR003M +
3.250%),
06/27/24		    

1,208,142

      

0.1

    
 

820,000

             Hayward
Industries, Inc.
Term Loan B,
4.731%,
(US0003M +
3.500%),
07/18/24		    

825,467

      

0.1

    

EUR

1,000,000

             International Park
Holdings B.V.
EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
06/30/24		    

1,194,915

      

0.1

    
 

1,740,000

             Kingpin
Intermediate
Holdings LLC
2017 First Lien
Term Loan B,
5.490%,
(US0003M +
4.250%),
06/28/24		    

1,756,312

      

0.2

    
 

1,728,092

             LTF Merger
Sub, Inc. 2017
Term Loan B,
4.317%,
(US0003M +
3.000%),
06/10/22		    

1,735,113

      

0.2

    

EUR

1,326,335

             NEP Europe
Finco B.V. EUR
Incremental
Term Loan,
3.750%,
(EUR003M +
3.500%),
11/17/23		    

1,594,071

      

0.2

    
 

1,469,499

             NEP/NCP
Holdco, Inc.
2017 Second
Lien Term Loan,
8.231%,
(US0003M +
7.000%),
01/23/23		    

1,491,542

      

0.2

    

See Accompanying Notes to Financial Statements
43


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
        Leisure Good/Activities/Movies
(continued)		  
 

4,721,107

             NEP/NCP
Holdco, Inc.
2017 Term Loan,
4.489%,
(US0003M +
3.250%),
07/21/22		  

$

4,791,923

      

0.6

    
 

978,246

             SRAM, LLC 2017
Term Loan,
4.757%,
(US0003M +
3.500%),
03/07/24		    

985,582

      

0.1

    

EUR

1,000,000

      

(1

)

   Stage
Entertainment B.V.
EUR Term
Loan B, 5.318%,
(EUR003M +
4.000%),
06/29/24		    

1,202,915

      

0.1

    
 

1,759,175

             UFC Holdings, LLC
First Lien Term
Loan, 4.490%,
(US0003M +
3.250%),
07/20/23		    

1,767,971

      

0.2

    
 

1,192,800

             Winnebago
Industries, Inc.
Term Loan,
5.722%,
(US0003M +
4.500%),
10/28/23		    

1,205,474

      

0.1

    
                 

46,325,217

      

5.5

    
       

Lodging & Casinos: 5.8%

  
 

9,724,171

             Amaya
Holdings B.V.
Repriced Term
Loan B, 4.796%,
(US0003M +
3.500%),
08/01/21		    

9,769,418

      

1.2

    
 

1,682,126

             American Casino
Entertainment
Properties LLC
Term Loan,
4.489%,
(US0003M +
3.250%),
07/07/22		    

1,690,536

      

0.2

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

550,000

             Belmond Interfin
Ltd. USD 2017
Term Loan B,
3.989%,
(US0003M +
2.750%),
06/21/24		  

$

551,833

      

0.1

    
 

947,625

             Caesars Growth
Properties
Holdings, LLC
2017 Term Loan,
4.239%,
(US0003M +
3.000%),
05/08/21		    

951,534

      

0.1

    
 

1,035,000

             CBAC
Borrower, LLC
2017 Term
Loan B, 5.239%,
(US0003M +
4.000%),
06/28/24		    

1,041,469

      

0.1

    
 

2,725,000

             CityCenter
Holdings, LLC
2017 Term
Loan B, 3.734%,
(US0003M +
2.500%),
04/07/24		    

2,734,369

      

0.3

    
 

2,347,292

             ESH
Hospitality, Inc.
2017 Term
Loan B, 3.739%,
(US0003M +
2.500%),
08/30/23		    

2,358,702

      

0.3

    
 

2,645,000

             Everi Payments Inc.
Term Loan B,
5.739%,
(US0003M +
4.500%), 05/01/24		    

2,672,442

      

0.3

    
 

3,135,000

      

(1

)

   Golden
Entertainment, Inc.
2017 First Lien
Term Loan,
4.318%,
(US0003M +
3.000%),
08/15/24		    

3,131,081

      

0.4

    
 

870,000

      

(1

)

   Golden
Entertainment, Inc.
2017 Second Lien
Term Loan,
8.318%,
(US0003M +
7.000%),
08/15/25		    

874,350

      

0.1

    

See Accompanying Notes to Financial Statements
44


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Lodging & Casinos (continued)

  
 

1,329,927

             Golden Nugget, Inc.
New Delayed
Draw Term Loan,
4.740%,
(US0003M +
3.500%),
11/21/19		  

$

1,342,395

      

0.1

    
 

3,103,162

             Golden Nugget, Inc.
New Term
Loan B, 4.740%,
(US0003M +
3.500%),
11/21/19		    

3,132,254

      

0.4

    
 

3,402,127

             La Quinta
Intermediate
Holdings LLC
Term Loan B,
4.054%,
(US0003M +
2.750%),
04/14/21		    

3,422,860

      

0.4

    
 

5,710,144

             Scientific Games
International, Inc.
2017 Term
Loan B4,
 4.512%,
(US0003M +
3.250%),
08/14/24		    

5,762,654

      

0.7

    
 

5,761,487

             Station
Casinos LLC
2016 Term
Loan B, 3.740%,
(US0003M +
2.500%),
05/23/23		    

5,765,088

      

0.7

    
 

3,171,864

             Twin River
Management
Group, Inc. Term
Loan, 4.796%,
(US0003M +
3.500%),
07/10/20		    

3,198,628

      

0.4

    
                 

48,399,613

      

5.8

    
       

Oil & Gas: 2.4%

  
 

3,456,471

             Energy Transfer
Equity, L.P. 2017
Term Loan B,
3.981%,
(US0003M +
2.750%),
01/24/24		    

3,470,359

      

0.4

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

5,158,935

             FTS
International, Inc.
New Term
Loan B, 5.989%,
(US0003M +
4.750%),
04/16/21		  

$

4,681,733

      

0.6

    
 

6,525,750

             HGIM Corp. Term
Loan B, 5.818%,
(US0003M +
4.500%),
06/18/20		    

2,740,815

      

0.3

    
 

1,895,250

             Limetree Bay
Terminals, LLC
2017 Term
Loan B, 5.228%,
(US0003M +
4.000%),
02/15/24		    

1,918,941

      

0.2

    
 

4,237,052

             MEG Energy Corp.
2017 Term
Loan B, 4.734%,
(US0003M +
3.500%),
12/31/23		    

4,208,982

      

0.5

    
 

2,311,942

             Southcross Energy
Partners, L.P.
First Lien Term
Loan, 5.546%,
(US0003M +
4.250%),
08/04/21		    

2,060,518

      

0.3

    
 

388,103

      

(3

)

   Southcross
Holdings
Borrower LP
Exit Term Loan B,
3.500% (PIK Rate
5.500%, Cash
Rate 0.000%),
04/13/23		    

338,620

      

0.0

    
 

735,000

             Summit Midstream
Partners
Holdings, LLC
Term Loan B,
7.239%,
(US0003M +
6.000%),
03/06/22		    

746,025

      

0.1

    
                 

20,165,993

      

2.4

    
       

Publishing: 1.2%

  
 

1,307,686

      

(3

),(4)

   682534 N.B. Inc.
Term Loan,
8.000% (PIK
Rate 0.000%,
Cash Rate
0.000%),
10/01/20		    

751,919

      

0.1

    

See Accompanying Notes to Financial Statements
45


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Publishing (continued)

  
 

2,450,593

             McGraw-Hill Global
Education
Holdings, LLC
2016 Term
Loan B, 5.239%,
(US0003M +
4.000%),
05/04/22		  

$

2,413,324

      

0.3

    
 

3,329,531

             Merrill
Communications,
LLC 2015 Term
Loan, 6.561%,
(US0003M +
5.250%),
05/27/22		    

3,343,060

      

0.4

    
 

2,950,510

             Tribune Media
Company Term
Loan C, 4.239%,
(US0003M +
3.000%),
01/27/24		    

2,967,106

      

0.4

    
 

236,728

             Tribune Media
Company Term
Loan, 4.239%,
(US0003M +
3.000%),
12/27/20		    

237,614

      

0.0

    
                 

9,713,023

      

1.2

    
       

Radio & Television: 3.9%

  
 

3,779,548

             CBS Radio Inc.
Term Loan B,
4.736%,
(US0003M +
3.500%),
10/06/23		    

3,811,043

      

0.5

    
 

4,788,591

             Cumulus Media
Holdings Inc.
2013 Term Loan,
4.490%,
(US0003M +
3.250%),
12/19/20		    

3,941,609

      

0.5

    
 

2,766,100

             Learfield
Communications
INC. 2016 First
Lien Term Loan,
4.490%,
(US0003M +
3.250%),
11/17/23		    

2,786,846

      

0.3

    
 

2,820,000

             Lions Gate
Entertainment
Corp. 2016 First
Lien Term Loan,
4.239%,
(US0003M +
3.000%),
10/12/23		    

2,842,546

      

0.3

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

414,032

             Mission
Broadcasting, Inc.
2017 Term
Loan B2, 3.732%,
(US0003M +
2.500%),
01/17/24		  

$

415,325

      

0.0

    
 

3,333,093

             Nexstar
Broadcasting, Inc.
2017 Term
Loan B2, 3.732%,
(US0003M +
2.500%),
01/17/24		    

3,343,509

      

0.4

    
 

2,410,000

             Raycom TV
Broadcasting, LLC
2017 Term
Loan B, 3.986%,
(US0003M +
2.750%),
07/25/24		    

2,422,050

      

0.3

    
 

13,081,070

             Univision
Communications
Inc. Term Loan
C5, 3.989%,
(US0003M +
2.750%),
03/15/24		    

13,000,216

      

1.6

    
                 

32,563,144

      

3.9

    
       

Retailers (Except Food & Drug): 8.3%

  
 

1,296,542

             Abercrombie &
Fitch
Management Co.
Term Loan B,
4.990%,
(US0003M +
3.750%),
07/14/21		    

1,267,369

      

0.1

    

EUR

3,909,551

             Action Nederland
B.V. EUR Term
Loan B, 3.500%,
(EUR003M +
3.500%),
01/22/23		    

4,717,843

      

0.6

    
 

3,465,393

             Ascena Retail
Group, Inc. 2015
Term Loan B,
5.750%,
(US0003M +
4.500%),
07/21/22		    

2,691,457

      

0.3

    
 

1,475,000

             Bass Pro
Group, LLC
Asset Sale Term
Loan, 6.046%,
(US0003M +
4.750%),
05/04/18		    

1,480,531

      

0.2

    

See Accompanying Notes to Financial Statements
46


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
        Retailers (Except Food & Drug)
(continued)		  
 

2,000,000

             Bass Pro
Group, LLC Term
Loan B, 6.296%,
(US0003M +
5.000%),
12/16/23		  

$

1,913,750

      

0.2

    
 

4,430,883

             Belk, Inc. Term
Loan B First
Lien, 6.054%,
(US0003M +
4.750%),
10/29/22		    

3,644,401

      

0.4

    
 

6,254,325

             BJs Wholesale
Club, Inc. 2017
First Lien Term
Loan, 4.968%,
(US0003M +
3.750%),
01/26/24		    

6,058,877

      

0.7

    
 

1,250,000

             BJs Wholesale
Club, Inc. 2017
Second Lien
Term Loan,
8.710%,
(US0003M +
7.500%),
01/26/25		    

1,211,979

      

0.2

    
 

2,525,321

             Evergreen
Acqco 1 LP
New Term Loan,
5.064%,
(US0003M +
3.750%),
07/09/19		    

2,373,802

      

0.3

    
 

2,895,433

             General Nutrition
Centers, Inc.
New Term Loan,
3.740%,
(US0003M +
2.500%),
03/04/19		    

2,769,276

      

0.3

    
 

5,482,286

             Harbor Freight
Tools USA, Inc.
2016 Term
Loan B, 4.489%,
(US0003M +
3.250%),
08/19/23		    

5,504,369

      

0.7

    
 

4,823,550

             Jo-Ann Stores, Inc.
2016 Term
Loan, 6.391%,
(US0003M +
5.000%),
09/27/23		    

4,753,208

      

0.6

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

2,774,038

             Leslies
Poolmart, Inc.
2016 Term Loan,
5.061%,
(US0003M +
3.750%),
07/27/23		  

$

2,781,261

      

0.3

    
 

4,857,084

             Mens
Wearhouse, Inc.
(The) Term
Loan B, 4.770%,
(US0003M +
3.500%),
06/18/21		    

4,662,801

      

0.5

    
 

736,195

             National Vision, Inc.
First Lien Term
Loan, 4.239%,
(US0001M +
3.000%),
03/12/21		    

738,611

      

0.1

    
 

4,216,862

      

(1

)

   Neiman Marcus
Group, Inc. (The)
2020 Term
Loan B, 4.481%,
(US0003M +
3.250%),
10/25/20		    

3,124,695

      

0.4

    
 

3,154,806

             Party City
Holdings Inc.
2016 Term Loan,
4.319%,
(US0003M +
3.000%),
08/19/22		    

3,163,431

      

0.4

    
 

5,713,000

             Petco Animal
Supplies, Inc.
2017 Term
Loan B, 4.311%,
(US0003M +
3.000%),
01/09/23		    

4,817,961

      

0.6

    
 

12,717,374

             PetSmart, Inc.,
4.240%,
(US0003M +
3.000%),
03/10/22		    

11,264,414

      

1.3

    
 

945,000

             Sally Holdings, LLC
Term Loan B1,
3.750%,
(US0003M +
2.500%),
06/22/24		    

951,497

      

0.1

    
                 

69,891,533

      

8.3

    

See Accompanying Notes to Financial Statements
47


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Surface Transport: 1.3%

  
 

743,138

             AI Mistral Holdco
Limited 2017
Term Loan B,
4.239%,
(US0003M +
3.000%),
01/27/24		  

$

740,041

      

0.1

    
 

2,148,044

             IBC Capital
Limited
First Lien
Term Loan,
4.978%,
(US0003M +
3.750%),
08/05/21		    

2,132,829

      

0.2

    
 

2,984,810

             Navistar
International
Corp.
Term Loan B,
5.240%,
(US0003M +
4.000%),
08/07/20		    

3,014,038

      

0.4

    
 

2,380,797

             OSG Bulk
Ships, Inc OBS
Term Loan,
5.570%,
(US0003M +
4.250%),
08/05/19		    

2,273,661

      

0.3

    
 

2,532,357

             XPO Logistics, Inc.
2017
Term Loan B,
3.554%,
(US0003M +
2.250%),
11/01/21		    

2,539,384

      

0.3

    
                 

10,699,953

      

1.3

    
       

Telecommunications: 8.2%

  
 

3,241,875

             Altice Financing
SA 2017 USD
Term Loan B,
4.054%,
(US0003M +
2.750%),
06/21/25		    

3,241,875

      

0.4

    
 

3,324,541

             Aricent
Technologies
First Lien
Term Loan,
5.729%,
(US0003M +
4.500%),
04/14/21		    

3,338,395

      

0.4

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
 

705,000

      

(1

)

   Asurion LLC 2017
Second Lien
Term Loan,
7.239%,
(US0003M +
6.000%),
07/11/25		  

$

721,744

      

0.1

    
 

6,529,382

             Asurion LLC 2017
Term Loan B4,
3.989%,
(US0003M +
2.750%),
08/04/22		    

6,561,350

      

0.8

    
 

5,788,272

             Asurion LLC 2017
Term Loan B5,
4.239%,
(US0003M +
3.000%),
11/03/23		    

5,821,867

      

0.7

    
 

5,920,000

             CenturyLink, Inc.
2017 Term
Loan B,
2.750%,
(US0003M +
2.750%),
01/31/25		    

5,797,900

      

0.7

    
 

9,569,904

             Communications
Sales & Leasing,
Inc. 2017
Term Loan B,
4.239%,
(US0003M +
3.000%),
10/24/22		    

9,267,859

      

1.1

    
 

5,195,850

             Consolidated
Communications,
Inc. 2016
Term Loan B,
4.240%,
(US0003M +
3.000%),
09/30/23		    

5,118,723

      

0.6

    
 

555,675

             Encompass
Digital Media,
Inc. First Lien
Term Loan,
5.800%,
(US0003M +
4.500%),
06/05/21		    

525,113

      

0.1

    
 

1,518,044

             Global Tel*Link
Corporation
First Lien
Term Loan,
5.296%,
(US0003M +
4.000%), 05/23/20		    

1,530,694

      

0.2

    

See Accompanying Notes to Financial Statements
48


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Telecommunications (continued)

  
 

1,700,000

             Global Tel*Link
Corporation
Second Lien
Term Loan,
9.046%,
(US0003M +
7.750%),
11/23/20		  

$

1,699,291

      

0.2

    
 

4,660,482

             LTS Buyer LLC
First Lien
Term Loan,
4.546%,
(US0003M +
3.250%),
04/11/20		    

4,676,710

      

0.5

    
 

2,110,000

      

(1

)

   Securus
Technologies
Holdings, Inc.
2017 First Lien
Term Loan,
5.818%,
(US0003M +
4.500%),
08/25/24		    

2,133,737

      

0.2

    
 

5,142,113

             Sprint
Communications,
Inc. First Lien
Term Loan B,
3.750%,
(US0003M +
2.500%),
02/02/24		    

5,156,577

      

0.6

    
 

4,931,015

             Syniverse Holdings,
Inc. Term Loan,
4.311%,
(US0003M +
3.000%),
04/23/19		    

4,758,430

      

0.6

    
 

3,540,000

             U.S. Telepacific
Corporation 2017
Term Loan B,
6.317%,
(US0003M +
5.000%),
04/17/23		    

3,485,240

      

0.4

    
 

5,692,305

             Windstream
Corporation
Repriced
Term Loan B6,
5.230%,
(US0003M +
4.000%), 03/16/21		    

5,232,178

      

0.6

    
                 

69,067,683

      

8.2

    
Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Utilities: 4.3%

  
 

994,924

             Calpine
Corporation
Term Loan B5,
4.050%,
(US0003M +
2.750%),
05/19/22		  

$

994,371

      

0.1

    
 

2,957,469

             Calpine
Corporation
Term Loan B6,
4.050%,
(US0003M +
2.750%),
01/13/23		    

2,955,620

      

0.4

    
 

2,935,250

             Dayton Power &
Light Company
(The)
Term Loan B,
4.490%,
(US0003M +
3.250%),
08/15/22		    

2,984,782

      

0.3

    
 

4,016,006

             Dynegy Inc. 2017
Term Loan C,
4.489%,
(US0003M +
3.250%),
06/27/23		    

4,026,672

      

0.5

    
 

2,962,712

             EFS Cogen
Holdings I LLC
2016
Term Loan B,
4.796%,
(US0003M +
3.500%),
06/22/23		    

2,991,415

      

0.3

    
 

1,576,000

             Entergy Rhode
Island State
Energy, L.P.
Term Loan B,
5.990%,
(US0003M +
4.750%),
11/12/22		    

1,576,985

      

0.2

    
 

2,237,418

             Helix Gen
Funding, LLC
Term Loan B,
4.960%,
(US0003M +
3.750%),
02/23/24		    

2,263,833

      

0.3

    
 

2,401,000

             Longview
Power LLC
Term Loan B,
7.240%,
(US0003M
+ 6.000%),
04/13/21		    

1,392,580

      

0.2

    

See Accompanying Notes to Financial Statements
49


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Principal
Amount†		  

  Borrower/
Tranche
Description		  

Fair Value

   Percentage
of Net
Assets		  
       

Utilities (continued)

  
 

1,970,113

             Meter Readings
Holding, LLC
2016
Term Loan B,
7.067%,
(US0003M +
5.750%),
08/17/23		  

$

2,009,515

      

0.2

    
 

2,342,300

             Middle River
Power LLC
Term Loan B,
8.296%,
(US0003M +
7.000%),
09/29/22		    

2,248,608

      

0.3

    
 

1,175,000

             Nautilus Power, LLC
Term Loan B,
5.739%,
(US0003M +
4.500%),
04/26/24		    

1,182,588

      

0.1

    
 

1,974,000

             Southeast
PowerGen, LLC
Term Loan B,
4.800%,
(US0003M +
3.500%),
11/05/21		    

1,887,638

      

0.2

    
 

5,266,393

             TEX Operations
Co. LLC Exit
Term Loan B,
3.987%,
(US0003M +
2.750%),
08/04/23		    

5,277,363

      

0.6

    
 

1,207,143

             TEX Operations
Co. LLC Exit
Term Loan C,
3.982%,
(US0003M +
2.750%),
08/04/23		    

1,209,657

      

0.2

    
 

3,345,955

             TPF II Power, LLC
Term Loan B,
4.989%,
(US0003M +
3.750%),
09/11/21		    

3,355,889

      

0.4

    
                 

36,357,516

      

4.3

    
                Total Senior
Loans
(Cost
$1,229,290,051)		    

1,218,526,010

      

145.3

    
   

Shares

      

Value

   Percentage
of Net
Assets		  
   

EQUITIES AND OTHER ASSETS: 0.3%

      
 

178,416

      

(5

)

   Cengage Learning
Holdings II L.P.		  

$

1,226,610

      

0.2

    
 

60,946

      

(5

)

   Everyware
Global, Inc.		    

477,451

      

0.1

    
 

205,396

      

(5

)

   Longview
Power LLC		    

164,317

      

0.0

    
 

—

      

(5

),(6)

   Millennium
Health, LLC		    

—

      

0.0

    
 

75,853

      

(5

)

   Millennium
Health, LLC		    

80,632

      

0.0

    
 

209,262

      

(5

)

   Nelson
Education Ltd.		    

18,833

      

0.0

    
 

407

      

(5

)

   Southcross
Holdings GP LLC		    

—

      

0.0

    
 

407

      

(5

)

   Southcross
Holdings LP
Class A		    

274,725

      

0.0

    
            Total Equities
and Other
Assets
(Cost
$9,241,741)		    

2,242,568

      

0.3

    
            Total Investments
(Cost
$1,238,531,792)		  

$

1,220,768,578

      

145.6

    
            Liabilities in
Excess of
Other Assets		    

(382,476,932

)

    

(45.6

)

  
           

Net Assets

  

$

838,291,646

      

100.0

    

*  Senior loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates.

†  Unless otherwise indicated, principal amount is shown in USD.

(1)  Loans purchased on a when-issued or delayed-delivery basis.

(2)  All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 7 for additional details.

(3)  All or a portion of this Senior Loan is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates.

(4)  Issuer filed for bankruptcy and/or is in default.

(5)  Non-income producing security.

(6)  For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

Reference Rate Abbreviations:

EUR003M  3-month EURIBOR

PRIME  Federal Reserve Bank Prime Loan Rate

US0001M  1-month LIBOR

US0003M  3-month LIBOR

US0006M  6-month LIBOR

See Accompanying Notes to Financial Statements
50


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of August 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
August 31, 2017		  

Asset Table

  

Investments, at fair value

  

Senior Loans

  

$

—

    

$

1,218,526,010

    

$

—

    

$

1,218,526,010

    

Equities and Other Assets

    

—

      

2,242,568

      

—

      

2,242,568

    

Total Investments, at fair value

  

$

—

    

$

1,220,768,578

    

$

—

    

$

1,220,768,578

    

Liabilities Table

  

Other Financial Instruments+

  

Forward Foreign Currency Contracts

  

$

—

    

$

(468,813

)

  

$

—

    

$

(468,813

)

  

Total Liabilities

  

$

—

    

$

(468,813

)

  

$

—

    

$

(468,813

)

  

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and include open forward foreign currency contracts which are fair valued at the unrealized gain (loss) on the instrument.

At August 31, 2017, the following forward foreign currency contracts were outstanding for Voya Prime Rate Trust:

Currency
Purchased		  

Currency Sold

  

Counterparty

  

Settlement Date

   Unrealized
Appreciation
(Depreciation)		  

USD

43,081,146

    

EUR

36,545,000

    

State Street Bank & Trust Co.

  

09/21/17

  

$

(460,719

)

  

USD

1,207,195

    

EUR

1,020,000

    

State Street Bank & Trust Co.

  

09/21/17

    

(8,094

)

  
               

$

(468,813

)

  

Currency Abbreviations

EUR  EU Euro

USD  United States Dollar

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, 2017 was as follows:

Derivatives not accounted for as hedging instruments

   Location on Statement
of Assets and Liabilities		  

Fair Value

  

Liability Derivatives

  

Foreign exchange contracts

  

Unrealized depreciation on forward foreign currency contracts

  

$

468,813

    

Total Liability Derivatives

      

$

468,813

    

The effect of derivative instruments on the Trust's Statement of Operations for the period ended August 31, 2017 was as follows:

Derivatives not accounted for as hedging instruments

   Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Forward foreign currency contracts		  

Foreign exchange contracts

  

$

(3,481,089

)

  

Total

  

$

(3,481,089

)

  

Derivatives not accounted for as hedging instruments

   Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Forward foreign currency contracts		  

Foreign exchange contracts

  

$

(461,077

)

  

Total

  

$

(461,077

)

  

See Accompanying Notes to Financial Statements
51


  PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)

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, 2017:

    State Street Bank
& Trust Co.		  

Liabilities:

  

Forward foreign currency contracts

  

$

468,813

    

Total Liabilities

  

$

468,813

    

Net OTC derivative instruments by counterparty, at fair value

  

$

(468,813

)

  

Total collateral pledged by the Trust/(Received from counterparty)

  

$

—

    
Net Exposure(1)   

$

(468,813

)

  

(1)  Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Trust. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements
52


Voya Prime Rate Trust

SHAREHOLDER MEETING INFORMATION (Unaudited)

Proposal:

1  To elect 12 nominees to the Board of Trustees of Voya Prime Rate Trust.

An annual shareholder meeting of Voya Prime Rate Trust was held July 6, 2017, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

   

Proposal

   Shares
voted for		   Shares voted
against or
withheld		   Shares
abstained		   Broker
non-vote		   Total Shares
Voted		  

Voya Prime Rate Trust

                                                  

Colleen D. Baldwin

    

1

*

    

123,461,135.668

      

3,717,414.609

      

0.000

      

0.000

      

127,178,550.277

    

John V. Boyer

    

1

*

    

121,736,475.805

      

5,442,074.472

      

0.000

      

0.000

      

127,178,550.277

    

Patricia W. Chadwick

    

1

*

    

123,411,236.668

      

3,767,313.609

      

0.000

      

0.000

      

127,178,550.277

    

Peter S. Drotch

    

1

*

    

121,550,460.950

      

5,628,089.327

      

0.000

      

0.000

      

127,178,550.277

    

Martin J. Gavin

    

1

*

    

123,456,156.087

      

3,722,394.190

      

0.000

      

0.000

      

127,178,550.277

    

Russell H. Jones

    

1

*

    

123,184,428.087

      

3,994,122.190

      

0.000

      

0.000

      

127,178,550.277

    

Patrick W. Kenny

    

1

*

    

76,210,990.157

      

50,967,560.120

      

0.000

      

0.000

      

127,178,550.277

    

Joseph E. Obermeyer

    

1

*

    

123,390,160.087

      

3,788,390.190

      

0.000

      

0.000

      

127,178,550.277

    

Sheryl K. Pressler

    

1

*

    

123,392,990.668

      

3,785,559.609

      

0.000

      

0.000

      

127,178,550.277

    

Christopher P. Sullivan

    

1

*

    

123,452,579.884

      

3,725,970.393

      

0.000

      

0.000

      

127,178,550.277

    

Roger B. Vincent

    

1

*

    

121,672,978.157

      

5,505,572.120

      

0.000

      

0.000

      

127,178,550.277

    

Shaun P. Mathews

    

1

*

    

76,416,169.103

      

50,762,381.174

      

0.000

      

0.000

      

127,178,550.277

    

*  Proposal Passed


53


Voya Prime Rate Trust

ADDITIONAL INFORMATION (Unaudited)

SHAREHOLDER REINVESTMENT PROGRAM

The following is a summary of the Program. Shareholders are advised to review a fuller explanation of the Program contained in the Trust's statement of additional information.

Common Shares are offered by the Trust through the Program. The Program allows participating shareholders to reinvest all dividends ("Dividends") in additional Common Shares of the Trust and also allows participants to purchase additional Common Shares through optional cash investments in amounts ranging from a minimum of $100 to a maximum of $100,000 per month.

The Trust and the Distributor reserve the right to reject any purchase order. Please note that cash, traveler's checks, third-party checks, money orders, and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted.

Common Shares will be issued by the Trust under the Program when the Trust's Common Shares are trading at a premium to NAV. If the Trust's Common Shares are trading at a discount to NAV, Common Shares issued under the Program will be purchased on the open market. Common Shares issued under the Program directly from the Trust will be acquired at the greater of: (i) NAV at the close of business on the day preceding the relevant investment date; or (ii) the average of the daily market price of the Common Shares during the pricing period minus a discount of 5% for reinvested Dividends and 0% to 5% for optional cash investments. Common Shares issued under the Program, when shares are trading at a discount to NAV, will be purchased in the market by the transfer agent at market price. Shares issued by the Trust under the Program will be issued without a fee or a commission.

Shareholders may elect to participate in the Program by telephoning the Trust or submitting a completed participation form to the transfer agent, the Program administrator. The transfer agent will credit to each participant's account funds it receives from: (i) Dividends paid on Trust shares registered in the participant's name; and (ii) optional cash investments. The Transfer Agent will apply all Dividends and optional cash investments received to purchase Common Shares as soon as practicable beginning on the relevant investment date (as described below) and not later than six business days after the relevant investment date, except when necessary to comply with applicable provisions of the federal securities laws. For more information on the Trust's distribution policy, please see the Trust's prospectus.

In order for participants to purchase shares through the Program in any month, the Program administrator must receive from the participant any optional cash investment by the relevant investment date. The relevant investment date will be set in advance by the Trust, upon which optional cash investments are first applied by the Transfer Agent to the purchase of Common Shares. Participants may obtain a schedule of relevant dates, including investments dates, the dates by which optional cash investment payments must be received and the dates in which shares will be paid, by calling Voya's Shareholder Services Department at 1-800-336-3436.

Participants will pay a pro rata share of brokerage commissions with respect to the Transfer Agent's open market purchases in connection with the reinvestment of Dividends or purchases made with optional cash investments.

The Program is intended for the benefit of investors in the Trust. The Trust reserves the right to exclude from participation, at any time: (i) persons or entities who attempt to circumvent the Program's standard $100,000 maximum by accumulating accounts over which they have control; or (ii) any other persons or entities as determined in the sole discretion of the Trust.

Currently, persons who are not shareholders of the Trust may not participate in the Program. The Board may elect to change this policy at a future date and permit non-shareholders to participate in the Program. Shareholders may request to receive their Dividends in cash at any time by giving the Transfer Agent written notice or by contacting the Trust's Shareholder Services Department at 1-800-336-3436. Shareholders may elect to close their account at any time by giving the Transfer Agent written notice. When a participant closes their account, the participant, upon request, will receive a certificate for full


54


Voya Prime Rate Trust

ADDITIONAL INFORMATION (Unaudited) (continued)

Common Shares in the account. Fractional Common Shares will be held and aggregated with other fractional Common Shares being liquidated by the Transfer Agent as agent of the Program and paid for by check when actually sold.

The automatic reinvestment of Dividends does not affect the tax characterization of the Dividends (i.e., capital gain distributions and income distributions are realized and subject to tax even though cash is not received). A shareholder whose Dividends are reinvested in shares under the Program will be treated as having received a dividend equal to either (i) if shares are issued under the Program directly by the Trust, generally the fair market value of the shares issued to the shareholder or (ii) if reinvestment is made through open market purchases, the amount of cash allocated to the shareholder for the purchase of shares on its behalf in the open market. If a shareholder purchases additional shares for cash at a discount, the shareholder's basis in the shares will be the price he or she paid.

Additional information about the Program may be obtained by contacting the Trust's Shareholder Services Department at 1-800-336-3436.

KEY FINANCIAL DATES — CALENDAR 2017 DIVIDENDS:

DECLARATION DATE  

EX-DIVIDEND DATE

  

PAYABLE DATE

  
January 31, 2017  

February 8, 2017

  

February 22, 2017

  
February 28, 2017  

March 8, 2017

  

March 22, 2017

  
March 31, 2017  

April 6, 2017

  

April 24, 2017

  
April 28, 2017  

May 8, 2017

  

May 22, 2017

  
May 31, 2017  

June 8, 2017

  

June 22, 2017

  
June 30, 2017  

July 6, 2017

  

July 24, 2017

  
July 31, 2017  

August 8, 2017

  

August 22, 2017

  
August 31, 2017  

September 7, 2017

  

September 22, 2017

  
September 29, 2017  

October 6, 2017

  

October 23, 2017

  
October 31, 2017  

November 9, 2017

  

November 22, 2017

  
November 30, 2017  

December 8, 2017

  

December 22, 2017

  
December 19, 2017  

December 28, 2017

  

January 11, 2018

  

Record date will be one business day after each Ex-Dividend Date. These dates are subject to change.

The Trust was granted exemptive relief by the SEC (the "Order"), which under the 1940 Act, would permit the Trust, subject to Board approval, to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year) ("Managed Distribution Policy"). The Trust may in the future adopt a Managed Distribution Policy.

STOCK DATA

The Trust's Common Shares are traded on the New York Stock Exchange (Symbol: PPR). The Trust's CUSIP number is 92913A100. The Trust's NAV and market price are published daily under the "Closed-End Funds" feature in Barron's, The New York Times, The Wall Street Journal and many other regional and national publications.

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 Trust may from time to time purchase shares of beneficial interest of the Trust in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.


55


Voya Prime Rate Trust

ADDITIONAL INFORMATION (Unaudited) (continued)

NUMBER OF SHAREHOLDERS

The number of record holders of common stock as of August 31, 2017 was 2,483 which does not include approximately 37,031 beneficial owners of shares held in the name of brokers of other nominees.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Trust 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 1-800-336-3436; (2) on the Trust's website at www.voyainvestments.com and (3) on the SEC's website at www.sec.gov. Information regarding how the Trust voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Trust's website at www.voyainvestments.com and on the SEC's website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the SEC's website at www.sec.gov. The Trust's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Trust by calling Shareholder Services toll-free at (800) 336-3436.

CERTIFICATIONS

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Trust's CEO submitted the Annual CEO Certification on July 28, 2017 certifying that he was not aware, as of that date, of any violation by the Trust of the NYSE's Corporate governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Trust's principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Trust's disclosure controls and procedures and internal controls over financial reporting.


56


Investment Adviser

Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Sub-Adviser

Voya Investment Management Co. LLC
230 Park Avenue
New York, NY 10169

Institutional Investors and Analysts

Call Voya Prime Rate Trust
1-800-336-3436, Extension 2217

Written Requests

Please mail all account inquiries and other comments to:
Voya Prime Rate Trust
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Distributor

Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
1-800-334-3444

Custodian

State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105

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

For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the Trust's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the Trust. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163324

(0817-102417)


 

 

 

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.

 

Not applicable.

 

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. Exhibits.

 

(a)(1) The Code of Ethics is not required for the semi-annual filing.
   
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
   
(a)(3) Not required for semi-annual filing.
   
(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

 

 

 

 

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 Prime Rate Trust

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  

 

Date: November 8, 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: November 8, 2017

 

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

 

Date: November 8, 2017