<SEC-DOCUMENT>0001193125-21-124975.txt : 20210623
<SEC-HEADER>0001193125-21-124975.hdr.sgml : 20210623
<ACCEPTANCE-DATETIME>20210421171251
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-124975
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Voya PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		VOYA PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		VOYA PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ING PRIME RATE TRUST
		DATE OF NAME CHANGE:	20020205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/
		DATE OF NAME CHANGE:	19960518
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<TITLE>SEC Response Letter</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman">John Mahon</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Times New Roman">202.729.7477</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman" ALIGN="right">Writer&#146;s <FONT STYLE="white-space:nowrap">E-mail</FONT> Address</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Times New Roman" ALIGN="right">john.mahon@srz.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">April&nbsp;21, 2021 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>VIA EDGAR</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mr.&nbsp;DeCarlo McLaren </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voya Prime Rate Trust, File No. 811-05410</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Mr. McLaren: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">On behalf of Voya Prime Rate
Trust (the <B><I>&#147;Fund&#148;</I></B>), attached are responses to the oral comments provided by the staff of the Division of Investment Management (the <B><I>&#147;Staff&#148;</I></B>) of the Securities and Exchange Commission (the
<B><I>&#147;Commission&#148;</I></B>) to the Fund on April&nbsp;16, 2021 with respect to the Fund&#146;s Preliminary Proxy Statement filed with the Commission on Schedule 14A on April&nbsp;6, 2021 (the <B><I>&#147;Proxy Materials&#148;</I></B>). For
your convenience, your comments are italicized, numbered and presented below, and each comment is followed by the Fund&#146;s response. Where proposed revisions are referenced in the Fund&#146;s responses, such revisions have been reflected in the
definitive proxy statement filed concurrently herewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comment</I></B><I>: In the second paragraph of the letter to
shareholders included in the Proxy Materials, please explain the circumstances under which the adviser and <FONT STYLE="white-space:nowrap">sub-adviser</FONT> have resigned. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the above-referenced letter to shareholders in response to the Staff&#146;s comment, and has made
conforming edits as appropriate in the remainder of the Proxy Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment:</I></B><I> In the second paragraph of the letter to
shareholders included in the Proxy Materials, please revise your disclosure to note that the fees payable under the new management agreement would be higher in the absence of the proposed expense limitation agreement. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure set forth in the above-referenced letter to shareholders in response to the Staff&#146;s
comment. In addition, the Fund advises the Staff on a supplemental basis that the proposed expense limitation agreement is expected to limit the aggregate amount of expenses that would otherwise be borne by the Fund pursuant to the new management
agreement. As a result, the expense limitation agreement does not expressly alter the fees that would be payable under the new management agreement, though a portion may be waived under the expense limitation agreement in order to offset expenses
incurred by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: We note the
reference in the letter to shareholders included in the Proxy Materials to the possibility that the Adviser Transition (as defined in the Proxy Materials) may occur earlier than anticipated. Please revise your disclosure to note how much earlier and
under what circumstances the Adviser Transition may occur. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure set forth in the above-referenced
letter to shareholders in response to the Staff&#146;s comment. In addition, the Fund advises the Staff on a supplemental basis that it now anticipates implementing the Adviser Transition as of the date of the shareholders meeting, assuming the new
management agreement is approved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: We
note the reference in the letter to shareholders included in the Proxy Materials to the fact that the Fund has cash holdings of in excess of $76.3 Million, representing approximately 12.7% of the portfolio, and may hold up to 30% of the Fund&#146;s
portfolio in cash and cash equivalents prior to consummation of the Adviser Transition. Please advise us on a supplement basis whether such large holdings of cash is permissible under the Fund&#146;s investment strategy. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund advises the Staff on a supplemental basis that the present and expected holdings of cash and cash equivalents prior
to consummation of the Adviser Transition are not in violation of any of the Fund&#146;s fundamental investment policies or restrictions, and are not prohibited by the Fund&#146;s present investment strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: Please add a period at the end of the last
sentence of Question 4 under the heading &#147;General Information About the Special Meeting and Voting.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The
Fund has revised the above-referenced language in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: In Question 7 under the heading &#147;General
Information About the Special Meeting and Voting&#148;, please add disclosure similar to that requested in Comment No.&nbsp;3 above. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the above-referenced section of the Proxy Materials in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: In Question 9 under the heading &#147;General
Information About the Special Meeting and Voting&#148;, please revised the disclosure to reference &#147;the new ticker symbol&#148; rather than just &#147;the symbol&#148;. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the above-referenced disclosure in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: Under the
<FONT STYLE="white-space:nowrap">sub-heading</FONT> entitled &#147;Vote Required &#150; Additional Solicitation&#148;, please add the word &#147;of&#148; before &#147;the New Management Agreement.&#148; In addition, please provide disclosure
regarding how votes will be counted in connection with any voting to adjourn the meeting, explain the mechanics of such vote to adjourn and under what authority such a vote would be taken. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the above-referenced disclosure in response to the Staff&#146;s comment. In addition, the Fund advises
the Staff on a supplemental basis that it has included a specific line item in its proxy for shareholders to indicate their vote with respect to any proposed adjournment of the meeting, rather than relying on the general authority granted by
delivery of a proxy by a shareholder entitled to vote at the meeting. As a result, shareholders may elect to withhold authority for voting in favor of any adjournment to solicit additional votes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: We note that under &#147;Background&#148;
section included in Proposal 1, the existing expense limitation agreement appears to include a recoupment feature. Please confirm that the right to recoupment under the existing expense limitation agreement will not survive termination of the
current investment management agreement, or explain why such recoupment would be permissible after termination of the current investment management agreement. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund confirms that the recoupment feature included in the current expense limitation agreement only applies while the
Fund&#146;s existing investment managers agreement remains in place. Once the Fund&#146;s current investment management agreement terminates, the existing expense limitation agreement (including the recoupment feature) will similarly terminate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>:
Under the &#147;Summary of the Terms of the Existing Management Agreement and New Management Agreement&#148; section in Proposal 1, please strike the language following the comma in the last sentence of the first paragraph. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the above-referenced language in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: Under the &#147;Board Considerations&#151;
Management Fees&#148; section in Proposal 1, please revise the disclosure to conform to your response to Comment No.&nbsp;9 above. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure in the above-referenced section in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: Under the &#147;Board
Considerations&#151;Performance&#148; section in Proposal 1, please revise your disclosure to explain what &#147;higher Sharpe ratio&#148; references. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure in the above-referenced section to explain what &#147;higher Sharpe ratio&#148;
references. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: Under the &#147;Board
Considerations&#151;Conclusion&#148; section in Proposal 1, please disclose whether the Board considered any factors that weighed against approval of the new management agreement. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure in the above-referenced section in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B><I>Comment</I></B><I>: For each of the proposals seeking changes to the
Fund&#146;s current fundamental investment restrictions, please provide a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">side-by-side</FONT></FONT> comparison of the old and new language. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund has revised the disclosure in the above-referenced section in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;* </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">If you have any questions regarding the foregoing responses, please feel free to call me at (202) <FONT
STYLE="white-space:nowrap">729-7477.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><U>/s/ John J. Mahon</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John J. Mahon</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
