Voya Prime Rate Trust

Class A: PPR
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Voya Prime Rate Trust

This Closed-End Fund seeks a high a level of current income, consistent with preservation of capital

Daily Prices

as of March 16, 2018

Net Asset Value (NAV)$5.68
Closing Price$5.17
Price Change0.00

Fund Facts

Ticker SymbolPPR
Inception DateMay 12, 1988
Dividends PaidMonthly
Min. Initial Investment$1,000.00

About this Product

  • Invests at least 80% of net assets in U.S.-dollar-denominated, floating-rate, secured senior loans
  • Targets top-tier, non-investment grade senior loans seeking to achieve superior long term risk-adjusted returns with lower volatility
  • Uses leverage to enhance return potential

Investment Objective

This Closed-End Fund seeks a high a level of current income, consistent with preservation of capital

Management Team

View Fund Advisor/Sub Advisor

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, LLC., serves as the investment adviser to each of the Funds. Voya Investments has overall responsibility for the management of the Funds. Voya Investments provides or oversees all investment advisory and portfolio management services for each Fund, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.
Dan Norman

Dan Norman

Managing Director, Group Head

Managed Fund since 2000

More Info
Dan Norman is managing director, group head of the Voya Investment Management senior loan group. He co-manages the group with Jeff Bakalar, and serves as a member of the group’s investment committee. Dan is a former member of the board of directors of the Loan Syndications and Trading Association and the International Association of Credit Portfolio Managers. Dan received his MBA from the University of Nebraska.
Jeffrey Bakalar

Jeffrey A Bakalar

Managing Director, Group Head

Managed Fund since 2000

More Info
Jeff Bakalar is managing director, group head and chief investment officer of the Voya Investment Management senior loan group. He co-manages the group with Dan Norman, and he is chairman of the group’s investment committee. Jeff is currently a member of the board of directors of the Loan Syndications and Trading Association. Jeff received his MBA from DePaul University.

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Average Annual Total Returns %

As of February 28, 2018

As of December 31, 2017

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
Net Asset Value+1.52+3.62+4.67+5.18+5.952.31%2.31%
Market Price+2.43-2.31+4.01+1.46+5.81
Net Asset Value+2.92+2.92+4.98+5.32+4.612.31%2.31%
Market Price-3.30-3.30+4.53+2.18+4.58

Inception Date - Class A:May 12, 1988

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.


Portfolio Statistics

As of February 28, 2018

Number of Issuers384
Industries Represented37
Total Assets Under Management$1,162,888,910.6
Borrowings as % Of AUM27.69
Avg. Investment3,028,356.54
Avg. Investment as % of AUM0.26%

Weighted Averages

As of February 28, 2018

Weighted Average Days To Reset
Weighted Average Days To Reset:

Weighted Average Reset measures the average number of days that the current interest rate contracts are in effect.

Weighted Average Maturity years
Weighted Average Maturity:

The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.

Weighted Average Spread
Weighted Average Spread:

Weighted Average Spread is the average contractual spread of each senior loan, above its base rate.

Weighted Average Market Price
Weighted Average Market Price:

Weighted Average Market Price is calculated as the market price of each loan divided by the par amount outstanding.

Weighted Avg. Coupon
Weighted Avg. Coupon:

Weighted Average Coupon is the weighted-average gross interest rates of the pool of senior loans at the time of calculation.

Weighted Avg. Rating Factor
Weighted Avg. Rating Factor:

Weighted Average Rating Factor is a measure that is used by credit rating companies to determine the credit quality of a portfolio. This measure allows rating companies to look at a portfolio as a single security, and assign it a single rating.


Portfolio Composition

as of September 30, 2017

Term Loan99.81
Common Stock0.19

Top Ten Loan Issuers

as of February 28, 2018

Asurion, LLC1.12
Univision Communications, Inc.1.10
PetSmart, Inc.0.89
Gates Global LLC0.85
The Stars Group (fka Amaya)0.84
Reynolds Group Holdings Inc0.84
Syniverse Holdings, Inc.0.83
Hub International Limited0.83
Sedgwick Holdings, Inc.0.79
Scientific Games International, Inc.0.75

Credit Quality

% of Total Investments as of February 28, 2018

CCC or Lower4.71
Not Rated0.94

Sector Weightings

% of Total Investments as of February 28, 2018

Health Care11.07
Business Equipment & Services10.35
Retailers (Except Food & Drug)5.98
Diversified Insurance4.78
Leisure Goods/Activities/Movies4.41
Lodging & Casinos4.28
Containers & Glass Products3.97
Chemicals & Plastics3.80

Top Country Weightings

% of Total Investments as of February 28, 2018

United States88.30

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.


Distributions: Last 12 Months

Payment Frequency: Monthly


Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.

Payable Date
Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date
Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Ordinary Dividends
Ordinary Dividends:

Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.

Short Term Capital Gains
Short Term Capital Gains:

The profit realized from the sale of securities held for less than one year.

Long Term Capital Gains
Long Term Capital Gains:

Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.

Return of Capital
Return of Capital:
Total Amount
Totals: $0.264000


Morningstar™ Ratings

As of December 31, 2007

Overall3 Year5 Year10 Year
18 Funds18 Funds5 Funds N/A

Category: Bank Loan

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Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing.  The Trust invests primarily in below investment grade, floating rate senior loans that carry a higher than normal risk that borrowers may default in the timely payment of principal and interest on their loans, which would likely cause the value of the Trust’s Common Shares to decrease.  Changes in short-term market interest rates will directly affect the yield on the Trust’s Common Shares. If such rates fall, the Trust’s yield will also fall.  If interest rate spreads on Trust’s loans decline in general, the yield on the Trust’s loans will fall and the value of the Trust’s loans may decrease.  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 loans in the Trust’s portfolio, the impact of rising rates will be delayed to the extent of such lag.  Because of the limited secondary market for floating rate senior bank loans, the Trust’s ability to sell its loans in a timely fashion and/or at a favorable price may be limited.  An increase in the demand for loans may adversely affect the rate of interest payable on new loans acquired by the Trust, and it may also increase the price of loans purchased by the Trust in the secondary market.  A decrease in the demand for loans may adversely affect the price of loans in the Trust’s portfolio, which would cause the Trust’s NAV to decrease.  The Trust’s use of leverage through borrowings or issuance of preferred shares can adversely affect the yield on the Trust’s Common Shares. The Trust may invest up to 20% of its assets in loans to borrowers in countries outside of the U.S. and Canada. Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Trust may invest up to 15% of its assets in loans that are denominated in certain foreign currencies, however, the Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations.  Other risks include but are not limited to: Borrowings; Preferred Shares; Diversification Risks; and Concentration Risks.