Voya Investment Management

First Quarter Report

May 31, 2019

Voya Prime Rate Trust

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INVESTMENT MANAGEMENT

voyainvestments.com

Voya Prime Rate Trust

FIRST QUARTER REPORT

May 31, 2019

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
Additional Information	50

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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 May 31, 2019
Net Assets	$	812,310,408
Total Assets	$	1,162,363,685
Assets Invested in Senior Loans	$	1,144,982,959
Senior Loans Represented		450
Average Amount Outstanding per Loan	$	2,544,407
Industries Represented		40
Average Loan Amount per Industry	$	28,624,574
Portfolio Turnover Rate (YTD)		8	%
Weighted Average Days to Interest Rate Reset		33
Average Loan Final Maturity		63 months
Total Leverage as a Percentage of Total Assets		27.57	%

PERFORMANCE SUMMARY

The Trust declared $0.08 of dividends during the first fiscal quarter ended May 31, 2019. Based on the average month-end net asset value ("NAV") per share of $5.53 for the first fiscal quarter, the annualized distribution rate⁽¹⁾ was 5.79% for the first fiscal quarter. The Trust's total return for the first fiscal quarter, based on NAV⁽⁴⁾, was 0.93%⁽²⁾ versus a total gross return on the S&P/LSTA Leveraged Loan Index (the "Index")⁽³⁾ of 1.25% for the same quarter. For the twelve-month period ended May 31, 2019, the Trust's total return, based on NAV⁽⁴⁾, was 3.52%⁽²⁾, versus a total return on the Index of 3.83%. The total market value return⁽⁵⁾ for the Trust's Common Shares during the first fiscal quarter was -0.24% and for the twelve-month period ended May 31, 2019 was -1.58%.

⁽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⁾  Total returns shown include, if applicable, the effect of fee waivers and/or expense reimbursements by the investment adviser. Had all fees and expenses been considered, the total returns 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⁾  Total investment return at NAV has been calculated assuming a purchase at NAV at the beginning of each period and a sale at NAV 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 Trust's dividend reinvestment plan.

⁽⁵⁾  Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions, and return of capital distributions/allocations, if any, in accordance with the provisions of the Trust's dividend reinvestment plan.

2

Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

Market Review: For the three-month period, the U.S. loan market, as represented by the S&P/LSTA Leveraged Loan Index (the "Index") returned 1.25% on a gross basis, primarily a function of interest income, as the market value component of return lost approximately 29 basis points (0.29%). While April represented a strong advance for the asset class, the loan market was down 0.22% in May following an overall dip in investor sentiment as U.S./China trade war jitters swirled around all financial markets. In what has been a seemingly common theme since the fourth quarter of 2018, the two main catalysts of measurable demand — namely mutual fund flows and CLO issuance — continued to move in opposite directions. In the retail fund space, loan funds experienced nearly $10 billion of withdrawals during the period. CLO activity remained robust with the average monthly volume over the last three months totaling a healthy $13.3 billion, and 2019's year-to-date figure is ahead of 2018's record pace, at $54.9 billion versus $54.6 billion last year. On the other side of the technical equation, primary market supply continued to remain somewhat subdued despite a brief uptick in May. To the surprise of many market participants, institutional loan issuance has been below historical levels for this part of the calendar year. Nonetheless, the par amount outstanding tracked by the Index rose by $10.4 billion to end May, bringing the Index to $1.2 trillion, a new record for the asset class.

Performance did vary among rating cohorts; however, loans rated CCC were ahead of the pack with a 2.06% return, followed by those rated B and BB, with returns of 1.28% and 1.09%, respectively. Default activity in the Index remained well below the long-term historical average, closing out May at 1.00% by total amount outstanding.

Portfolio Specifics: The Trust's total return at NAV underperformed the Index during the reporting period, partly due to the use of leverage for investment purposes in an environment marked by softer average loan bids. The primary relative industry detractors included selection in retailers (except food and drug), all telecom, and food service. Notwithstanding a small contribution in the oil and gas sector, industry contributors were largely distributed across several industries, with no material impact from any one industry. From an individual issuer perspective, the Trust was negatively impacted by overweight positions to Tailor Brands, which has had recent soft results, weak guidance and an overall negative sentiment in the retail space and Envision Healthcare Corporation, which has come under pressure after providing weak forward guidance. An ongoing strategic underweight to CCC-rated loans detracted on a relative basis given the cohort's outperformance versus the higher-quality segment of the Index during the period.

TOP TEN LOAN ISSUERS
AS OF MAY 31, 2019
AS A PERCENTAGE OF:

	TOTAL ASSETS			NET ASSETS
Asurion, LLC		1.5	%		2.2	%
BMC Software, Inc.		1.0	%		1.4	%
Reynolds Group Holdings Inc.		0.9	%		1.3	%
Stars Group Holdings BV		0.9	%		1.2	%
Envision Healthcare Corporation		0.8	%		1.2	%
CenturyLink		0.8	%		1.2	%
Acrisure, LLC		0.8	%		1.2	%
Gates Global LLC		0.8	%		1.2	%
Financial & Risk US Holdings, Inc.		0.8	%		1.1	%
Starfruit US Holdco LLC		0.8	%		1.1	%

TOP TEN INDUSTRIES
AS OF MAY 31, 2019
AS A PERCENTAGE OF:

	TOTAL ASSETS			NET ASSETS
Electronics/Electrical		14.6	%		20.8	%
Business Equipment & Services		11.5	%		16.5	%
Health Care		10.7	%		15.3	%
Telecommunications		5.9	%		8.4	%
Insurance		5.2	%		7.4	%
Leisure Good/Activities/Movies		4.8	%		6.9	%
Containers & Glass Products		4.3	%		6.2	%
Automotive		4.0	%		5.7	%
Retailers (Except Food & Drug)		3.6	%		5.2	%
Lodging & Casinos		3.6	%		5.1	%

3

Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

The average issuer exposure at period-end stood at 0.27% of assets under management.

Outlook and Current Strategy: The broad fundamental credit risk landscape is believed to stay fairly benign through the balance of the year, and likely into 2020. Nonetheless, overall investor sentiment remains highly correlated to macro developments, particularly as they relate to the ongoing trade negotiations between the U.S. and China (and to a now lesser degree, Mexico). Nervousness around the trade situation has, however, been met with the U.S. Federal Reserve Board ("Fed") signaling (or perhaps more appropriately, the broad markets firmly expecting) a willingness to reduce rates, potentially as early as mid-summer. While the prospect of a rate cut is obviously not a direct positive for floating rate asset classes, and while we are not forecasting the probability of Fed action in any case, we remain more concerned about broad market reaction to any "mis-messaging" and less concerned about the immediate impact to the internal workings of the loan market. Regardless, we anticipate volatility to remain on the high side until further clarity develops in both areas (trade and rates), but remain generally comfortable with the overall soundness of loan market fundamentals and continue to view the absolute and relative value afforded by loans as attractive.

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

Voya Prime Rate Trust
June 26, 2019

Ratings Distribution as of May 31, 2019
Ba	23.21	%
B	73.15	%
Caa and below	3.64	%
Not rated*	0.00	%

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 Periods Ended May 31, 2019
	1 Year			3 Years			5 Years			10 Years
Based on Net Asset Value (NAV)		3.52	%		5.03	%		4.21	%		8.21	%
Based on Market Value		-1.58	%		3.41	%		2.14	%		7.86	%
Index		3.83	%		5.16	%		3.75	%		6.60	%

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.

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)
May 31, 2019		5.50	%		5.72	%		6.67	%		5.89	%		6.85	%
February 28, 2019		5.50	%		5.63	%		6.48	%		5.85	%		6.72	%
November 30, 2018		5.25	%		5.54	%		6.52	%		5.75	%		6.75	%
August 31, 2018		5.00	%		5.14	%		5.86	%		5.30	%		6.02	%

^(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.

5

Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

^(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:

Derivative Risk: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Trust. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Trust and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the Trust may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Trust to the risk of improper valuation.

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.

As of the date of this report, the United States experiences a low interest rate environment, 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 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.

6

Voya Prime Rate Trust

PORTFOLIO MANAGERS' REPORT (continued)

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. Further, because the fee paid to the Adviser will be calculated on the basis of Managed Assets, the fee will be higher when leverage is utilized, giving the Adviser an incentive to utilize 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 Investment Company Act of 1940, as amended (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 May 31, 2019 (Unaudited)

ASSETS:
Investments in securities at fair value (Cost $1,178,986,765)	$	1,146,811,605
Cash		441,861
Foreign currencies at value (Cost $23,151)		23,163
Receivables:
Investment securities sold		11,793,855
Interest		3,096,788
Unrealized appreciation on forward foreign currency contracts		152,524
Prepaid expenses		2,296
Reimbursement due from manager		8,632
Other assets		32,961
Total assets		1,162,363,685
LIABILITIES:
Notes payable		320,500,000
Payable for investment securities purchased		26,944,741
Accrued interest payable		271,655
Payable for investment management fees		1,018,604
Payable to trustees under the deferred compensation plan (Note 6)		32,961
Accrued trustee fees		16,258
Unrealized depreciation on forward foreign currency contracts		785
Unfunded loan commitments (Note 7)		688,273
Other accrued expenses		580,000
Total liabilities		350,053,277
NET ASSETS	$	812,310,408
Net assets value per common share outstanding (net assets divided by 147,787,691 shares of beneficial interest authorized and outstanding, no par value)	$	5.50
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	898,881,611
Total distributable loss		(86,571,203	)
NET ASSETS	$	812,310,408

See Accompanying Notes to Financial Statements
8

Voya Prime Rate Trust

STATEMENT OF OPERATIONS for the Three Months Ended May 31, 2019 (Unaudited)

INVESTMENT INCOME:
Interest	$	17,734,645
Dividends		38,948
Other		231,326
Total investment income		18,004,919
EXPENSES:
Investment management fees		3,015,383
Transfer agent fees		23,943
Interest expense		2,900,615
Custody and accounting expense		153,824
Professional fees		39,744
Shareholder reporting expense		56,949
Trustees fees		6,992
Miscellaneous expense		55,456
Total expenses		6,252,906
Waived and reimbursed fees		(26,436	)
Net expenses		6,226,470
Net investment income		11,778,449
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(1,274,280	)
Forward foreign currency contracts		1,292,058
Foreign currency related transactions		(134,145	)
Net realized loss		(116,367	)
Net change in unrealized appreciation (depreciation) on:
Investments		(5,682,483	)
Forward foreign currency contracts		64,664
Foreign currency related transactions		(11,182	)
Net change in unrealized appreciation (depreciation)		(5,629,001	)
Net realized and unrealized loss		(5,745,368	)
Increase in net assets resulting from operations	$	6,033,081

See Accompanying Notes to Financial Statements
9

Voya Prime Rate Trust

STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended May 31, 2019 (Unaudited)			Year Ended February 28, 2019
FROM OPERATIONS:
Net investment income	$	11,778,449		$	42,684,257
Net realized loss		(116,367	)		(5,645,800	)
Net change in unrealized appreciation (depreciation)		(5,629,001	)		(15,907,796	)
Increase in net assets resulting from operations		6,033,081			21,130,661
FROM DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Total distributions (excluding return of capital)		(11,823,012	)		(43,804,176	)
Decrease in net assets from distributions to common shareholders		(11,823,012	)		(43,804,176	)
CAPITAL SHARE TRANSACTIONS:
Net decrease in net assets		(5,789,931	)		(22,673,515	)
NET ASSETS:
Beginning of year or period		818,100,339			840,773,854
End of year or period	$	812,310,408		$	818,100,339

See Accompanying Notes to Financial Statements
10

Voya Prime Rate Trust

STATEMENT OF CASH FLOWS for the Three Months Ended May 31, 2019 (Unaudited)

INCREASE (DECREASE) IN CASH
Cash Flows From Operating Activities:
Interest received	$	17,524,165
Other income received		259,098
Interest paid		(2,820,086	)
Other operating expenses paid		(3,192,131	)
Purchases of securities		(100,796,813	)
Proceeds on sale of securities		102,268,197
Net cash provided by operating activities		13,242,430
Cash Flows From Financing Activities:
Distributions paid to common shareholders from net investment income (net of reinvestments)		(11,823,012	)
Proceeds from notes payable		67,400,000
Repayment of notes payable		(69,700,000	)
Net cash flows used in financing activities		(14,123,012	)
Net decrease		(880,582	)
Cash Impact from Foreign Exchange Fluctuations:
Cash impact from foreign exchange fluctuations		(6	)
Cash and foreign currency balance
Net decrease in cash and foreign currency		(880,588	)
Cash and foreign currency at beginning of period		1,345,612
Cash and foreign currency at end of period	$	465,024
Reconciliation of Net increase in Net Assets Resulting from Operations to Net Cash provided by Operating Activities:
Net increase in net assets resulting from operations	$	6,033,081
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Change in unrealized appreciation or depreciation on investments		5,682,483
Change in unrealized appreciation or depreciation on forward foreign currency contracts		(64,664	)
Change in unrealized appreciation or depreciation on other assets and liabilities		11,182
Accretion of discounts on investments		(434,273	)
Amortization of premiums on investments		137,742
Net realized loss on sale of investments and foreign currency related transactions		116,367
Purchases of securities		(100,796,813	)
Proceeds on sale of securities		102,268,197
Decrease in interest and other receivables		86,051
Decrease in prepaid expenses		5,623
Decrease in reimbursement due from manager		5,642
Increase in accrued interest payable		80,529
Increase in payable for investment management fees		107,629
Decrease in loan commitments		(18,182	)
Increase in accrued trustees fees		6,992
Increase in other accrued expenses		14,844
Total adjustments		7,209,349
Net cash provided by operating activities	$	13,242,430

See Accompanying Notes to Financial Statements
11

FINANCIAL HIGHLIGHTS

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)(6)			Expenses (before interest and other fees related to revolving credit facility)(4)(6)			Expenses, net of fee waivers and/or recoupments, if any(4)(6)		Net investment income (loss)(4)(6)		Net assets, end of year or period		Portfolio Turnover
Year or period ended	($)		($)		($)			($)			($)		($)			($)			($)			($)			($)		($)		(%)			(%)			(%)			(%)			(%)		(%)		($000's)		(%)
05-31-19+		5.54		0.08		(0.04	)		—			—		0.04			(0.08	)		—			(0.08	)		5.50		4.73		0.93			(0.24	)		3.04			1.63			3.03		5.73		812,310		8
02-28-19		5.69		0.29		(0.14	)		—			—		0.15			(0.30	)		—			(0.30	)		5.54		4.82		3.37			(1.02	)		2.92			1.64			2.90		5.16		818,100		60
02-28-18		5.80		0.30		(0.12	)		—			—		0.18			(0.25	)		(0.04	)		(0.29	)		5.69		5.17		3.62			(2.31	)		2.55			1.64			2.54		4.58		840,774		89
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	(5)		1.77	(5)		1.93		5.56		830,785		38

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

⁽⁶⁾  Annualized for periods less than one year.

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

+  Unaudited

See Accompanying Notes to Financial Statements
12

FINANCIAL HIGHLIGHTS (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)
05-31-19+		1.16			2.17			2.16		4.09		—		—		4		320,500		3,535		326,290		147,788
02-28-19		1.16			2.08			2.07		3.68		—		—		4		322,800		3,534		332,698		147,788
02-28-18		1.16			1.81			1.80		3.25		—		—		4		322,100		3,610		343,074		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

(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.

+  Unaudited

See Accompanying Notes to Financial Statements
13

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Prime Rate Trust (the "Trust"), a Massachusetts business trust, is registered under 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 mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an

14

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 ("OTC") 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) OTC 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 securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are

15

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 within 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 within the Portfolio of Investments is presented only when the Trust has a significant amount of Level 3 investments.

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 as other income 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 value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

16

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 within the respective Portfolio of Investments.

For the period ended May 31, 2019, the Trust had an average quarterly contract amount on forward foreign currency contracts to buy and sell of $2,233,491 and $62,656,603, respectively. Please refer to the table within the Portfolio of Investments for open forward foreign currency contracts to buy and sell at May 31, 2019.

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 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.

17

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 May 31, 2019, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term notes, totaled $91,793,765 and $102,357,394, respectively. At May 31, 2019, the Trust held senior loans valued at $1,144,982,959 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 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

18

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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 Managed 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 May 31, 2019, 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:

May 31,
2020		2021		2022		Total
$	3,324	$	93,088	$	144,219	$	240,631

The expense limitation agreement is contractual through July 1, 2020 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 16, 2018, the Trust has entered into a 364-day revolving credit agreement, collateralized by assets of the Trust, to borrow up to $414 million maturing July 15, 2019. Borrowing rates under this agreement are based on a fixed spread over LIBOR, and a commitment fee is charged on the unused portion. Prior to July 16, 2018, the predecessor credit agreement was for $414 million, which matured on July 16, 2018. The amount of borrowings outstanding at May 31, 2019, was $321 million. The weighted average interest rate on outstanding borrowings at May 31, 2019 was 3.53%, excluding fees related to the unused portion of the facilities, and other fees. The amount of borrowings represented 27.57% of total

19

Voya Prime Rate Trust

NOTES TO FINANCIAL STATEMENTS as of May 31, 2019 (Unaudited) (continued)

NOTE 7 — COMMITMENTS (continued)

assets at May 31, 2019. Prepaid arrangement fees are amortized over the term of the agreement. Average borrowings for the period ended May 31, 2019 were $326,290,217 and the average annualized interest rate was 3.53% excluding other fees related to the unused portion of the facility, and other fees.

As of May 31, 2019, the Trust had unfunded loan commitments pursuant to the terms of the following loan agreements:

DentalCorp Perfect Smile ULC 1st Lien Delayed Draw Term Loan	$	92,065
Mavis Tire Express Services Corp. 2018 Delayed Draw Term Loan		451,771
Pearl Intermediate Parent LLC 2018 Delayed Draw Term Loan		144,437
Total	$	688,273

NOTE 8 — RIGHTS AND OTHER OFFERINGS

As of May 31, 2019, outstanding share offerings pursuant to shelf registrations were as follows:

Registration Date	Shares Registered		Shares Remaining
6/30/2015		25,000,000		22,368,389
6/30/2015		5,000,000		5,000,000

As of May 31, 2019 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 May 31, 2019, the Trust held no subordinated loans or unsecured loans.

NOTE 10 — CAPITAL SHARES

There was no capital shares activity during the period ended May 31, 2019 and during the year ended February 28, 2019.

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 May 31, 2019 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

Three Months Ended May 31, 2019		Year Ended February 28, 2019
Ordinary Income		Ordinary Income
$	11,823,012	$	43,804,176

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 May 31, 2019 were:

Undistributed Ordinary		Unrealized Appreciation/			Capital Loss Carryforwards
Income		(Depreciation)			Amount			Character	Expiration
$	6,364,660	$	(32,188,952	)	$	(1,407,396	)	Short-term	None
						(59,313,439	)	Long-term	None
					$	(60,720,835	)

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

As of May 31, 2019, 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 2014.

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019.

As of May 31, 2019, management of the Trust is currently assessing the potential impact to the financial statements that may result from adopting this ASU.

NOTE 13 — SUBSEQUENT EVENTS

Subsequent to May 31, 2019, the Trust paid the following dividends from net investment income:

Per Share Amount		Declaration Date	Record Date	Payable Date
$	0.0275	5/31/19	6/10/19	6/24/19
$	0.0270	6/28/19	7/10/19	7/22/19

Credit agreement renewal: Effective July 15, 2019, the borrowing amount under the revolving credit agreement was reduced to $390 million and the revolving credit agreement was renewed for another 364 days.

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 MAY 31, 2019 (UNAUDITED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
SENIOR LOANS*: 141.0%
		Aerospace & Defense: 2.1%
	571,678	1199169 B.C. Unlimited Liability Company 2019 Term Loan B2, 6.602%, (US0003M + 4.000%), 04/06/26	$	574,219		0.1
	1,063,322	Dynasty Acquisition Co., Inc. 2019 Term Loan B1, 6.602%, (US0003M + 4.000%), 04/06/26		1,068,047		0.1
	992,500	KBR, Inc. Term Loan B, 6.189%, (US0001M + 3.750%), 04/25/25		992,500		0.1
	8,863,062	Maxar Technologies Ltd. Term Loan B, 5.190%, (US0001M + 2.750%), 10/04/24		7,849,349		1.0
	2,422,530	TransDigm, Inc. 2018 Term Loan E, 4.939%, (US0001M + 2.500%), 05/30/25		2,386,798		0.3
	3,049,215	TransDigm, Inc. 2018 Term Loan F, 4.939%, (US0001M + 2.500%), 06/09/23		3,013,481		0.4
	1,257,680	TransDigm, Inc. 2018 Term Loan G, 4.939%, (US0001M + 2.500%), 08/22/24		1,234,884		0.1
				17,119,278		2.1
		Auto Components: 0.5%
	4,114,123	Broadstreet Partners, Inc. 2018 Term Loan B, 5.689%, (US0001M + 3.250%), 11/08/23		4,094,836		0.5

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Automotive: 5.7%
	3,082,825	American Axle and Manufacturing, Inc. Term Loan B, 4.734%, (US0001M + 2.250%), 04/06/24	$	3,014,232		0.4
	518,700	Belron Finance US LLC 2018 Term Loan B, 5.035%, (US0003M + 2.500%), 11/13/25		518,039		0.1
	1,733,063	Belron Finance US LLC USD Term Loan B, 5.065%, (US0003M + 2.500%), 11/07/24		1,731,958		0.2
	4,830,965	Bright Bidco B.V. 2018 Term Loan B, 6.048%, (US0003M + 3.500%), 06/30/24		3,691,664		0.5
	4,222,773	Dynacast International LLC Term Loan B2, 5.851%, (US0003M + 3.250%), 01/28/22		4,133,039		0.5
EUR	1,176,090	Gates Global LLC 2017 EUR Repriced Term Loan B, 3.000%, (EUR003M + 3.000%), 04/01/24		1,308,942		0.2
	8,229,954	Gates Global LLC 2017 USD Repriced Term Loan B, 5.189%, (US0001M + 2.750%), 04/01/24		8,195,421		1.0
	1,271,813	Holley Purchaser, Inc. Term Loan B, 7.583%, (US0003M + 5.000%), 10/24/25		1,249,556		0.2
	705,000	IAA Spinco Inc. Term Loan B, 4.753%, (US0003M + 2.250%), 05/22/26		707,644		0.1

See Accompanying Notes to Financial Statements
22

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†				Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
				Automotive (continued)
	1,907,531			KAR Auction Services, Inc. Term Loan B5, 5.125%, (US0003M + 2.500%), 03/09/23	$	1,907,531		0.2
	3,567,642			Mavis Tire Express Services Corp. 2018 1st Lien Term Loan, 5.680%, (US0001M + 3.250%), 03/20/25		3,514,128		0.4
	451,771	(1	)	Mavis Tire Express Services Corp. 2018 Delayed Draw Term Loan, 5.736%, (US0003M + 3.250%), 03/20/25		444,995		0.1
	43,095			Mister Car Wash Holdings, Inc. 2019 Delayed Draw Term Loan, 6.003%, (US0003M + 3.500%), 05/14/26		43,077		0.0
	861,905			Mister Car Wash Holdings, Inc. 2019 Term Loan B, 5.931%, (US0001M + 3.500%), 05/14/26		862,309		0.1
	4,480,000			Panther BF Aggregator 2 L P Term Loan B, 5.929%, (US0001M + 3.500%), 04/30/26		4,453,828		0.5
	1,527,901			Superior Industries International, Inc. 2018 1st Lien Term Loan B, 6.439%, (US0001M + 4.000%), 05/22/24		1,504,983		0.2
	5,102,225			Tenneco, Inc. 2018 Term Loan B, 5.189%, (US0001M + 3.000%), 10/01/25		4,899,411		0.6

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	2,947,500	Truck Hero, Inc. 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 04/21/24	$	2,814,862		0.3
	1,025,000	Truck Hero, Inc. 2nd Lien Term Loan, 10.689%, (US0001M + 8.250%), 04/21/25		999,375		0.1
				45,994,994		5.7
		Beverage & Tobacco: 0.2%
	1,816,650	Refresco Group BV USD Term Loan B3, 5.768%, (US0003M + 3.250%), 03/28/25		1,812,108		0.2
		Brokers, Dealers & Investment Houses: 0.5%
	1,912,489	Capital Automotive L.P. 2017 2nd Lien Term Loan, 8.440%, (US0001M + 6.000%), 03/24/25		1,922,051		0.2
	1,950,113	Forest City Enterprises, L.P. Term Loan B, 6.439%, (US0001M + 4.000%), 12/07/25		1,957,426		0.3
				3,879,477		0.5
		Building & Development: 2.7%
	2,050,145	Capital Automotive L.P. 2017 1st Lien Term Loan, 4.940%, (US0001M + 2.500%), 03/24/24		2,033,232		0.3
	2,332,143	Core & Main LP 2017 Term Loan B, 5.626%, (US0003M + 3.000%), 08/01/24		2,327,771		0.3
	2,814,081	GYP Holdings III Corp. 2018 Term Loan B, 5.189%, (US0001M + 2.750%), 06/01/25		2,766,008		0.3

See Accompanying Notes to Financial Statements
23

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Building & Development (continued)
	1,881,688	Henry Company LLC Term Loan B, 6.439%, (US0001M + 4.000%), 10/05/23	$	1,882,158		0.2
	1,621,330	Interior Logic Group, Inc. 2018 Term Loan B, 6.601%, (US0003M + 4.000%), 05/30/25		1,605,117		0.2
EUR	1,000,000	LSF10 Impala Investments S.a r.l. 2018 EUR Term Loan B, 4.750%, (EUR003M + 4.750%), 10/10/25		1,124,598		0.1
	1,711,257	MX Holdings US, Inc. 2018 USD Term Loan B1C, 5.439%, (US0001M + 3.000%), 07/31/25		1,711,257		0.2
	2,310,060	QUIKRETE HLDGS INC TERM LOAN, 5.190%, (US0001M + 2.750%), 11/15/23		2,280,029		0.3
	549,450	SMG Holdings Inc. 2017 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 01/23/25		546,531		0.1
	2,011,252	Werner FinCo LP 2017 Term Loan, 6.601%, (US0003M + 4.000%), 07/24/24		1,920,745		0.2
	2,248,451	Wilsonart LLC 2017 Term Loan B, 5.860%, (US0003M + 3.250%), 12/19/23		2,209,103		0.3
EUR	1,599,655	Xella International GmbH 2017 EUR Term Loan B, 3.750%, (EUR003M + 3.750%), 04/11/24		1,781,470		0.2
				22,188,019		2.7

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Building Materials: 0.8%
	6,684,537	NCI Building Systems, Inc. 2018 Term Loan, 6.354%, (US0003M + 3.750%), 04/12/25	$	6,584,269		0.8
		Business Equipment & Services: 16.5%
	939,336	24-7 Intouch Inc 2018 Term Loan, 6.689%, (US0001M + 4.250%), 08/20/25		903,523		0.1
	1,694,612	Acosta Holdco, Inc. 2015 Term Loan, 5.689%, (US0001M + 3.250%), 09/26/21		721,622		0.1
	393,051	Advantage Sales & Marketing, Inc. 2014 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 07/23/21		341,182		0.0
	1,400,000	Advantage Sales & Marketing, Inc. 2014 2nd Lien Term Loan, 8.939%, (US0001M + 6.500%), 07/25/22		1,055,501		0.1
	6,575,849	AlixPartners, LLP 2017 Term Loan B, 5.189%, (US0001M + 2.750%), 04/04/24		6,541,602		0.8
	448,875	Allied Universal Holdco LLC Incremental Term Loan, 6.689%, (US0001M + 4.250%), 07/28/22		446,631		0.1
	1,876,425	Ascend Learning, LLC 2017 Term Loan B, 5.439%, (US0001M + 3.000%), 07/12/24		1,862,059		0.2
	1,265,149	Big Ass Fans, LLC 2018 Term Loan, 6.351%, (US0003M + 3.750%), 05/21/24		1,267,125		0.2

See Accompanying Notes to Financial Statements
24

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Business Equipment & Services (continued)
	1,243,811	Camelot UK Holdco Limited 2017 Repriced Term Loan, 5.679%, (US0001M + 3.250%), 10/03/23	$	1,244,978		0.2
EUR	985,000	Canyon Valor Companies, Inc. EUR 2017 Term Loan B1, 3.000%, (EUR003M + 3.000%), 06/16/23		1,102,227		0.1
	3,412,721	Canyon Valor Companies, Inc. USD 2017 Term Loan B1, 5.351%, (US0003M + 2.750%), 06/16/23		3,395,657		0.4
	3,277,250	Colorado Buyer Inc Term Loan B, 5.600%, (US0001M + 3.000%), 05/01/24		3,118,303		0.4
	1,278,452	Convergint Technologies LLC 2018 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 02/03/25		1,256,079		0.2
	394,500	DTI Holdco, Inc. 2018 Term Loan B, 7.333%, (US0003M + 4.750%), 09/30/23		370,583		0.0
	4,485,038	EIG Investors Corp. 2018 1st Lien Term Loan, 6.270%, (US0003M + 3.750%), 02/09/23		4,481,835		0.6
	2,154,966	Ellie Mae, Inc. Term Loan, 6.525%, (US0003M + 4.000%), 04/02/26		2,162,599		0.3
	2,639,049	EVO Payments International LLC 2018 1st Lien Term Loan, 5.680%, (US0001M + 3.250%), 12/22/23		2,640,699		0.3

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	9,563,513	Financial & Risk US Holdings, Inc. 2018 USD Term Loan, 6.189%, (US0001M + 3.750%), 10/01/25	$	9,347,482		1.1
EUR	1,482,447	Foncia Groupe 2016 EUR Term Loan B, 3.000%, (EUR003M + 3.250%), 09/07/23		1,651,803		0.2
	990,414	Garda World Security Corporation 2017 Term Loan, 6.115%, (US0003M + 3.500%), 05/24/24		985,462		0.1
	1,301,850	GreenSky Holdings, LLC 2018 Term Loan B, 5.689%, (US0001M + 3.250%), 03/31/25		1,300,223		0.2
EUR	1,257,679	ION Trading Technologies S.a.r.l. EUR Incremental Term Loan B, 4.250%, (EUR003M + 3.250%), 11/21/24		1,374,721		0.2
	1,017,595	ION Trading Technologies S.a.r.l. USD Incremental Term Loan B, 6.651%, (US0003M + 4.000%), 11/21/24		989,611		0.1
	1,976,440	IQOR US Inc. 2nd Lien Term Loan, 11.342%, (US0003M + 8.750%), 04/01/22		1,670,092		0.2
	2,985,302	IQOR US Inc. Term Loan B, 7.592%, (US0003M + 5.000%), 04/01/21		2,884,548		0.4
	5,956,692	KUEHG Corp. 2018 Incremental Term Loan, 6.351%, (US0003M + 3.750%), 02/21/25		5,937,333		0.7

See Accompanying Notes to Financial Statements
25

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Business Equipment & Services (continued)
	1,673,100	Learning Care Group, Inc. 2018 1st Lien Term Loan, 5.819%, (US0003M + 3.250%), 03/13/25	$	1,649,397		0.2
	1,250,000	Learning Care Group, Inc. 2018 2nd Lien Term Loan, 10.080%, (US0003M + 7.500%), 03/13/26		1,250,000		0.2
	1,050,000	Misys (Finatra) USD 2nd Lien Term Loan, 9.851%, (US0003M + 7.250%), 06/13/25		1,047,375		0.1
	1,048,399	NeuStar, Inc. 2018 Term Loan B4, 5.939%, (US0001M + 3.500%), 08/08/24		1,014,326		0.1
	439,878	NeuStar, Inc. 2nd Lien Term Loan, 10.439%, (US0001M + 8.000%), 08/08/25		420,083		0.1
	5,833,716	NVA Holdings, Inc. Term Loan B3, 5.189%, (US0001M + 2.750%), 02/02/25		5,658,705		0.7
	900,000	Peak 10, Inc. 2017 2nd Lien Term Loan, 9.829%, (US0003M + 7.250%), 08/01/25		756,000		0.1
	4,524,300	PI US MergerCo, Inc. USD 2017 1st Lien Term Loan, 5.939%, (US0001M + 3.500%), 01/03/25		4,473,402		0.5
	4,065,154	Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 05/01/25		4,063,459		0.5

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	205,000	Pre-Paid Legal Services, Inc. 2018 2nd Lien Term Loan, 9.939%, (US0001M + 7.500%), 05/01/26	$	204,359		0.0
	486,325	Pricewaterhouse Coopers LLP 2018 Term Loan, 5.439%, (US0001M + 3.000%), 05/01/25		482,678		0.1
	939,250	Prometric Holdings, Inc. 1st Lien Term Loan, 5.440%, (US0001M + 3.000%), 01/29/25		936,315		0.1
	6,012,449	Red Ventures, LLC 2018 Term Loan B, 5.439%, (US0001M + 3.000%), 11/08/24		6,017,283		0.7
	250,000	Renaissance Holding Corp. 2018 2nd Lien Term Loan, 9.481%, (US0002M + 7.000%), 05/29/26		243,750		0.0
	1,409,350	Renaissance Learning, Inc. 2018 Add On Term Loan, 5.731%, (US0002M + 3.250%), 05/30/25		1,386,096		0.2
	1,693,563	Research Now Group, Inc. 2017 1st Lien Term Loan, 8.083%, (US0003M + 5.500%), 12/20/24		1,692,504		0.2
	1,596,000	Sandvine Corporation 2018 1st Lien Term Loan, 6.939%, (US0001M + 4.500%), 11/02/25		1,588,020		0.2
	2,426,833	Solera Holdings, Inc. USD Term Loan B, 5.189%, (US0001M + 2.750%), 03/03/23		2,415,963		0.3

See Accompanying Notes to Financial Statements
26

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Business Equipment & Services (continued)
	4,244,627	Spin Holdco Inc. 2017 Term Loan B, 5.851%, (US0003M + 3.250%), 11/14/22	$	4,173,530		0.5
	2,054,675	SSH Group Holdings, Inc. 2018 1st Lien Term Loan, 6.833%, (US0003M + 4.250%), 07/30/25		2,037,981		0.3
	1,700,000	Staples, Inc. 7 Year Term Loan, 7.601%, (US0003M + 5.000%), 04/09/26		1,650,062		0.2
	2,192,398	Stiphout Finance LLC USD 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 10/26/22		2,175,955		0.3
	1,430,147	SurveyMonkey Inc. 2018 Term Loan B, 6.150%, (US0001W + 3.750%), 10/10/25		1,426,571		0.2
	398,925	USS Ultimate Holdings, Inc. 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 08/25/24		399,723		0.0
	3,596,925	Verifone Systems, Inc. 2018 1st Lien Term Loan, 6.520%, (US0003M + 4.000%), 08/20/25		3,553,086		0.4
	860,000	Verifone Systems, Inc. Incremental Delayed Draw Term Loan, 6.503%, (US0003M + 4.000%), 08/20/25		851,221		0.1

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
EUR	4,255,000	Verisure Holding AB EUR Term Loan B1E, 3.000%, (EUR003M + 3.000%), 10/20/22	$	4,729,706		0.6
	3,080,405	Verra Mobility Corporation 2018 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 02/28/25		3,089,390		0.4
	4,283,475	Verscend Holding Corp. 2018 Term Loan B, 6.939%, (US0001M + 4.500%), 08/27/25		4,296,835		0.5
	7,068,143	West Corporation 2017 Term Loan, 6.522%, (US0003M + 4.000%), 10/10/24		6,632,272		0.8
	1,851,013	West Corporation 2018 Term Loan B1, 6.022%, (US0003M + 3.500%), 10/10/24		1,721,442		0.2
	2,305,813	Yak Access, LLC 2018 1st Lien Term Loan B, 7.439%, (US0001M + 5.000%), 07/02/25		2,161,699		0.3
	525,000	Yak Access, LLC 2018 2nd Lien Term Loan B, 12.440%, (US0001M + 10.000%), 06/13/26		467,250		0.1
				133,719,918		16.5
		Cable & Satellite Television: 3.5%
	1,950,200	CSC Holdings LLC, 4.690%, (US0001M + 2.250%), 07/17/25		1,919,322		0.2
	3,692,700	CSC Holdings, LLC 2018 Term Loan B, 4.940%, (US0001M + 2.500%), 01/25/26		3,661,929		0.4

See Accompanying Notes to Financial Statements
27

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Cable & Satellite Television (continued)
	4,704,000	Numericable Group SA USD Term Loan B11, 5.189%, (US0001M + 2.750%), 07/31/25	$	4,486,440		0.6
	7,175,674	Radiate Holdco, LLC 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 02/01/24		7,083,488		0.9
	1,718,659	Telesat Canada Term Loan B4, 5.110%, (US0003M + 2.500%), 11/17/23		1,701,472		0.2
	2,915,190	UPC Financing Partnership USD Term Loan AR, 4.940%, (US0001M + 2.500%), 01/15/26		2,912,587		0.4
	4,125,000	Virgin Media Bristol LLC USD Term Loan K, 4.940%, (US0001M + 2.500%), 01/15/26		4,096,356		0.5
	2,856,435	WideOpenWest Finance LLC 2017 Term Loan B, 5.680%, (US0001M + 3.250%), 08/18/23		2,790,737		0.3
				28,652,331		3.5
		Chemicals & Plastics: 4.9%
EUR	1,218,714	Allnex (Luxembourg) & Cy S.C.A. 2016 EUR Term Loan B1, 3.250%, (EUR003M + 3.250%), 09/13/23		1,355,388		0.2
	2,317,430	Allnex (Luxembourg) & Cy S.C.A. 2016 USD Term Loan B2, 5.770%, (US0003M + 3.250%), 09/13/23		2,295,704		0.3

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	1,745,947	Allnex USA, Inc. USD Term Loan B3, 5.770%, (US0003M + 3.250%), 09/13/23	$	1,729,579		0.2
	2,347,592	Alpha 3 B.V. 2017 Term Loan B1, 5.601%, (US0003M + 3.000%), 01/31/24		2,322,649		0.3
	2,523,210	Avantor, Inc. 2017 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 11/21/24		2,528,572		0.3
EUR	417,492	Avantor, Inc. EUR 2017 1st Lien Term Loan, 3.750%, (EUR001M + 3.750%), 11/21/24		469,274		0.0
	2,084,250	Composite Resins Holding B.V. 2018 Term Loan B, 6.815%, (US0003M + 4.250%), 08/01/25		2,084,250		0.2
EUR	987,500	Diamond (BC) B.V. EUR Term Loan, 3.250%, (EUR003M + 3.250%), 09/06/24		1,002,060		0.1
	4,347,550	Diamond (BC) B.V. USD Term Loan, 5.583%, (US0003M + 3.000%), 09/06/24		3,907,360		0.5
	2,131,241	Encapsys, LLC 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 11/07/24		2,126,802		0.3
EUR	2,000,000	Klockner-Pentaplast of America, Inc. EUR 2017 Term Loan B1, 4.750%, (EUR003M + 4.750%), 06/30/22		1,990,122		0.2
	1,020,000	Momentive Performance Materials Inc. Term Loan B, 5.650%, (US0001W + 3.250%), 04/16/24		1,017,768		0.1

See Accompanying Notes to Financial Statements
28

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Chemicals & Plastics (continued)
	2,359,088	Platform Specialty Products Corporation Term Loan, 4.689%, (US0001M + 2.250%), 01/30/26	$	2,354,174		0.3
	1,680,788	Polar US Borrower, LLC 2018 1st Lien Term Loan, 7.348%, (US0003M + 4.750%), 10/15/25		1,642,970		0.2
	688,422	PQ Corporation 2018 Term Loan B, 5.083%, (US0003M + 2.500%), 02/08/25		686,443		0.1
	9,135,000	Starfruit Finco B.V 2018 USD Term Loan B, 5.717%, (US0001M + 3.250%), 10/01/25		9,080,702		1.1
	2,239,707	Tronox Finance LLC Term Loan B, 5.439%, (US0001M + 3.000%), 09/23/24		2,216,961		0.3
	1,325,588	Univar Inc. 2017 USD Term Loan B, 4.689%, (US0001M + 2.250%), 07/01/24		1,321,721		0.2
				40,132,499		4.9
		Clothing/Textiles: 0.5%
	3,762,049	Varsity Brands, Inc. 2017 Term Loan B, 5.939%, (US0001M + 3.500%), 12/15/24		3,705,618		0.5
		Containers & Glass Products: 6.2%
EUR	1,000,000	Albea Beauty Holdings S.A 2018 EUR Term Loan, 3.250%, (EUR006M + 3.250%), 04/22/24		1,119,070		0.1

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	1,460,250	Albea Beauty Holdings S.A 2018 USD Term Loan B2, 5.524%, (US0006M + 3.000%), 04/22/24	$	1,438,346		0.2
	1,210,850	Ball Metalpack, LLC 2018 1st Lien Term Loan B, 7.022%, (US0003M + 4.500%), 07/24/25		1,215,391		0.2
	7,130,000	Berry Global, Inc. USD Term Loan U, 5.003%, (US0003M + 2.500%), 05/15/26		7,102,371		0.9
	3,606,719	BWAY Holding Company 2017 Term Loan B, 5.854%, (US0003M + 3.250%), 04/03/24		3,521,961		0.4
	665,000	Charter NEX US Holdings, Inc. Incremental Term Loan, 5.939%, (US0001M + 3.500%), 05/16/24		664,584		0.1
	886,528	Consolidated Container Company LLC 2017 1st Lien Term Loan, 5.189%, (US0001M + 2.750%), 05/22/24		881,431		0.1
	2,652,151	Flex Acquisition Company, Inc. 1st Lien Term Loan, 5.626%, (US0001M + 3.000%), 12/29/23		2,557,337		0.3
	5,568,760	Flex Acquisition Company, Inc. 2018 Incremental Term Loan, 5.876%, (US0003M + 3.250%), 06/29/25		5,371,069		0.7
EUR	2,454,545	Horizon Holdings III SAS EUR Term Loan B4, 2.750%, (EUR001M + 2.750%), 10/29/22		2,743,047		0.3

See Accompanying Notes to Financial Statements
29

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Containers & Glass Products (continued)
	924,897	Milacron LLC Amended Term Loan B, 4.939%, (US0001M + 2.500%), 09/28/23	$	906,376		0.1
	1,870,863	Pelican Products, Inc. 2018 1st Lien Term Loan, 5.967%, (US0001M + 3.500%), 05/01/25		1,841,630		0.2
	225,000	Pelican Products, Inc. 2018 2nd Lien Term Loan, 10.217%, (US0001M + 7.750%), 05/01/26		216,000		0.0
	1,031,844	Proampac PG Borrower LLC First Lien Term Loan, 6.011%, (US0001M + 3.500%), 11/18/23		998,309		0.1
	460,000	Proampac PG Borrower LLC Second Lien Term Loan, 11.020%, (US0003M + 8.500%), 11/18/24		439,300		0.1
	10,541,369	Reynolds Group Holdings Inc. USD 2017 Term Loan, 5.189%, (US0001M + 2.750%), 02/05/23		10,480,282		1.3
	2,809,435	Ring Container Technologies Group, LLC 1st Lien Term Loan, 5.189%, (US0001M + 2.750%), 10/31/24		2,794,216		0.3
	1,660,632	Titan Acquisition Limited 2018 Term Loan B, 5.439%, (US0001M + 3.000%), 03/28/25		1,600,849		0.2

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	3,216,377	TricorBraun Holdings Inc First Lien Term Loan, 6.352%, (US0003M + 3.750%), 11/30/23	$	3,200,295		0.4
	1,264,780	Trident TPI Holdings, Inc. 2017 USD Term Loan B1, 5.689%, (US0001M + 3.250%), 10/17/24		1,222,093		0.2
				50,313,957		6.2
		Cosmetics/Toiletries: 0.6%
	2,407,900	Anastasia Parent, LLC 2018 Term Loan B, 6.189%, (US0001M + 3.750%), 08/11/25		2,076,814		0.3
	2,517,236	Wellness Merger Sub, Inc. 1st Lien Term Loan, 6.772%, (US0003M + 4.250%), 06/30/24		2,506,746		0.3
				4,583,560		0.6
		Diversified Financial Services: 0.1%
	960,600	Blucora, Inc. 2017 Term Loan B, 5.481%, (US0002M + 3.000%), 05/22/24		963,602		0.1
		Drugs: 2.0%
	5,008,050	Alvogen Pharma US, Inc. 2018 Term Loan B, 7.190%, (US0001M + 4.750%), 04/02/22		4,601,146		0.6
	4,688,700	Amneal Pharmaceuticals LLC 2018 Term Loan B, 6.000%, (US0001M + 3.500%), 05/04/25		4,663,794		0.6
	3,932,500	Endo Luxembourg Finance Company I S.a r.l. 2017 Term Loan B, 6.750%, (US0001M + 4.250%), 04/29/24		3,811,214		0.5

See Accompanying Notes to Financial Statements
30

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Drugs (continued)
	2,032,146	Horizon Pharma, Inc. 2019 Term Loan B, 4.938%, (US0001M + 2.500%), 05/22/26	$	2,035,108		0.2
EUR	219,893	Nidda Healthcare Holding AG EUR Delayed Draw Term Loan B2, 3.500%, (EUR003M + 3.500%), 08/21/24		245,980		0.0
EUR	379,538	Nidda Healthcare Holding AG EUR Term Loan B1, 3.500%, (EUR003M + 3.500%), 08/21/24		424,564		0.0
EUR	710,569	Nidda Healthcare Holding AG EUR Term Loan C, 3.500%, (EUR003M + 3.500%), 08/21/24		794,680		0.1
				16,576,486		2.0
		Ecological Services & Equipment: 1.2%
	5,760,613	Advanced Disposal Services, Inc. Term Loan B, 4.637%, (US0001W + 2.250%), 11/10/23		5,753,412		0.7
	3,711,303	GFL Environmental Inc. 2018 USD Term Loan B, 5.439%, (US0001M + 3.000%), 05/30/25		3,639,397		0.4
	465,300	Gopher Resource, LLC 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 03/06/25		462,974		0.1
				9,855,783		1.2
		Electronics/Electrical: 20.8%
	851,400	ABC Financial Services, Inc. 1st Lien Term Loan, 6.703%, (US0001M + 4.250%), 01/02/25		853,528		0.1

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	2,270,497	ASG Technologies Group, Inc. 2018 Term Loan, 5.939%, (US0001M + 3.500%), 07/31/24	$	2,239,278		0.3
	680,000	Autodata, Inc. 2019 Term Loan B, 6.253%, (US0003M + 3.500%), 06/01/26		679,362		0.1
EUR	445,903	Avast Software B.V. 2018 EUR Term Loan B, 2.500%, (EUR003M + 2.500%), 09/30/23		501,814		0.1
	1,495,474	Avast Software B.V. 2018 USD Term Loan B, 4.851%, (US0003M + 2.250%), 09/30/23		1,494,539		0.2
	3,158,100	Barracuda Networks, Inc. 1st Lien Term Loan, 5.774%, (US0003M + 3.250%), 02/12/25		3,154,645		0.4
EUR	2,992,500	BMC Software Finance, Inc. 2018 EUR Term Loan B, 4.750%, (EUR003M + 4.750%), 10/02/25		3,370,531		0.4
	7,860,300	BMC Software Finance, Inc. 2018 USD Term Loan B, 6.851%, (US0003M + 4.250%), 10/02/25		7,752,221		1.0
	641,767	Brave Parent Holdings, Inc. 1st Lien Term Loan, 6.583%, (US0003M + 4.000%), 04/18/25		643,772		0.1
	652,500	Carbonite, Inc Term Loan B, 6.180%, (US0001M + 3.750%), 03/26/26		656,035		0.1

See Accompanying Notes to Financial Statements
31

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Electronics/Electrical (continued)
	1,820,850	Cohu, Inc. 2018 Term Loan B, 5.601%, (US0003M + 3.000%), 09/20/25	$	1,784,433		0.2
	1,162,088	Compuware Corporation 2018 Term Loan B, 5.939%, (US0001M + 3.500%), 08/22/25		1,167,898		0.1
	2,653,913	Dynatrace LLC 2018 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 08/22/25		2,655,239		0.3
	1,685,775	EagleView Technology Corporation 2018 Add On Term Loan B, 5.930%, (US0001M + 3.500%), 08/14/25		1,628,880		0.2
	570,688	Electrical Components International, Inc. 2018 1st Lien Term Loan, 6.851%, (US0003M + 4.250%), 06/26/25		556,420		0.1
	5,193,347	Epicor Software Corporation 1st Lien Term Loan, 5.690%, (US0001M + 3.250%), 06/01/22		5,183,610		0.6
	1,250,950	Exact Merger Sub LLC 1st Lien Term Loan, 6.851%, (US0003M + 4.250%), 09/27/24		1,256,163		0.2
EUR	1,000,000	GlobalFoundries Inc EUR Term Loan B, 4.250%, (EUR003M + 4.250%), 05/31/26		1,100,393		0.1
	1,715,000	GlobalFoundries Inc USD Term Loan B, 6.503%, (US0003M + 4.000%), 05/24/26		1,706,425		0.2

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	6,379,272	Go Daddy Operating Company, LLC 2017 Repriced Term Loan, 4.439%, (US0001M + 2.000%), 02/15/24	$	6,377,281		0.8
EUR	1,946,913	Greeneden U.S. Holdings II, LLC 2018 EUR Term Loan B, 3.500%, (EUR003M + 3.500%), 12/01/23		2,175,901		0.3
	2,107,607	Greeneden U.S. Holdings II, LLC 2018 USD Term Loan B, 5.689%, (US0001M + 3.250%), 12/01/23		2,089,823		0.3
	5,120,275	Hyland Software, Inc. 2018 Term Loan 3, 5.689%, (US0001M + 3.250%), 07/01/24		5,121,555		0.6
	3,105,000	Imperva, Inc. 1st Lien Term Loan, 6.453%, (US0001M + 4.000%), 01/12/26		3,088,019		0.4
	1,040,000	Imperva, Inc. 2nd Lien Term Loan, 10.203%, (US0001M + 7.750%), 01/11/27		1,032,200		0.1
	5,957,896	Informatica Corporation 2018 USD Term Loan, 5.689%, (US0001M + 3.250%), 08/05/22		5,964,724		0.7
	4,532,614	Kronos Incorporated 2017 Term Loan B, 5.579%, (US0003M + 3.000%), 11/01/23		4,529,074		0.6
	962,588	Lumentum Holdings 2018 1st Lien Term Loan, 4.939%, (US0001M + 2.500%), 12/10/25		958,978		0.1

See Accompanying Notes to Financial Statements
32

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Electronics/Electrical (continued)
	726,358	MA FinanceCo., LLC USD Term Loan B3, 4.929%, (US0001M + 2.500%), 06/21/24	$	717,878		0.1
	770,000	McAfee, LLC 2017 2nd Lien Term Loan, 10.857%, (US0001M + 8.500%), 09/29/25		782,272		0.1
	8,220,724	McAfee, LLC 2018 USD Term Loan B, 6.178%, (US0001M + 3.750%), 09/30/24		8,225,862		1.0
	6,071,908	MH Sub I, LLC 2017 1st Lien Term Loan, 6.180%, (US0001M + 3.750%), 09/13/24		6,032,696		0.7
	1,510,000	MH Sub I, LLC 2017 2nd Lien Term Loan, 9.930%, (US0001M + 7.500%), 09/15/25		1,525,100		0.2
	930,325	Navex TopCo, Inc. 2018 1st Lien Term Loan, 5.690%, (US0001M + 3.250%), 09/05/25		915,497		0.1
	210,000	Navex TopCo, Inc. 2018 2nd Lien Term Loan, 9.440%, (US0001M + 7.000%), 09/05/26		208,950		0.0
	2,986,052	Optiv Security, Inc. 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 02/01/24		2,777,028		0.3
	1,600,988	Project Leopard Holdings, Inc. 2019 Term Loan, 6.689%, (US0001M + 4.250%), 07/07/23		1,596,985		0.2

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	5,183,950	Quest Software US Holdings Inc. 2018 1st Lien Term Loan, 6.833%, (US0003M + 4.250%), 05/16/25	$	5,124,335		0.6
	1,610,000	Quest Software US Holdings Inc. 2018 2nd Lien Term Loan, 10.833%, (US0003M + 8.250%), 05/16/26		1,585,850		0.2
	6,364,525	Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 5.575%, (US0003M + 3.000%), 11/03/23		5,908,780		0.7
	4,792,135	Riverbed Technology, Inc. 2016 Term Loan, 5.690%, (US0001M + 3.250%), 04/24/22		3,995,443		0.5
	890,000	Rocket Software, Inc. 2018 2nd Lien Term Loan, 10.689%, (US0001M + 8.250%), 11/20/26		867,750		0.1
	3,200,000	Rocket Software, Inc. 2018 Term Loan, 6.689%, (US0001M + 4.250%), 11/28/25		3,154,573		0.4
	900,900	Rovi Solutions Corporation Term Loan B, 4.940%, (US0001M + 2.500%), 07/02/21		882,507		0.1
	4,398,750	RP Crown Parent LLC Term Loan B, 5.189%, (US0001M + 2.750%), 10/12/23		4,376,721		0.5
	4,905,276	Seattle Spinco, Inc. USD Term Loan B3, 4.939%, (US0001M + 2.500%), 06/21/24		4,848,007		0.6

See Accompanying Notes to Financial Statements
33

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Electronics/Electrical (continued)
	3,346,613	Severin Acquisition, LLC 2018 Term Loan B, 5.815%, (US0003M + 3.250%), 08/01/25	$	3,294,322		0.4
EUR	1,000,000	SGB-SMIT Management GmbH EUR Term Loan B, 5.000%, (EUR006M + 5.000%), 07/18/24		943,992		0.1
	870,000	Sirius Computer Solutions, Inc. 2019 Term Loan B, 6.753%, (US0003M + 4.250%), 05/20/26		871,087		0.1
	4,784,049	SkillSoft Corporation 1st Lien Term Loan, 7.178%, (US0001M + 4.750%), 04/28/21		4,067,638		0.5
	5,786,750	SolarWinds Holdings, Inc. 2018 Term Loan B, 5.189%, (US0001M + 2.750%), 02/05/24		5,762,336		0.7
	1,368,125	SonicWALL, Inc. 1st Lien Term Loan, 6.020%, (US0003M + 3.500%), 05/16/25		1,333,067		0.2
	570,000	SonicWALL, Inc. 2nd Lien Term Loan, 10.020%, (US0003M + 7.500%), 05/18/26		535,800		0.1
	1,649,523	SS&C Technologies Holdings Europe S.A.R.L. 2018 Term Loan B4, 4.689%, (US0001M + 2.250%), 04/16/25		1,640,932		0.2
	2,351,571	SS&C Technologies Inc. 2018 Term Loan B3, 4.689%, (US0001M + 2.250%), 04/16/25		2,339,324		0.3

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	2,915,000	Travelport Finance (Luxembourg) S.a.r.l. 2019 Term Loan, 7.350%, (US0003M + 5.000%), 03/13/26	$	2,794,756		0.3
	2,074,800	TriTech Software Systems 2018 Term Loan B, 6.189%, (US0001M + 3.750%), 08/29/25		2,054,917		0.3
	3,263,057	TTM Technologies, Inc. 2017 Term Loan, 4.986%, (US0001M + 2.500%), 09/28/24		3,203,914		0.4
	1,990,000	Ultimate Software Group Inc(The) Term Loan B, 6.274%, (US0003M + 3.750%), 05/04/26		1,995,596		0.3
	6,444,555	Veritas Bermuda Ltd. USD Repriced Term Loan B, 6.974%, (US0001M + 4.500%), 01/27/23		5,890,723		0.7
	4,329,150	Vertafore, Inc. 2018 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 07/02/25		4,198,674		0.5
	1,070,000	Vertafore, Inc. 2018 2nd Lien Term Loan, 9.689%, (US0001M + 7.250%), 07/02/26		1,050,384		0.1
	665,946	Web.com Group, Inc. 2018 2nd Lien Term Loan, 10.203%, (US0001M + 7.750%), 10/09/26		655,957		0.1
	1,635,616	Web.com Group, Inc. 2018 Term Loan B, 6.203%, (US0001M + 3.750%), 10/10/25		1,618,750		0.2
	1,776,000	Xperi Corporation 2018 Term Loan B1, 4.939%, (US0001M + 2.500%), 12/01/23		1,748,619		0.2
				169,249,763		20.8

See Accompanying Notes to Financial Statements
34

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Financial Intermediaries: 2.8%
	1,766,125	Advisor Group, Inc. 2018 Term Loan, 6.189%, (US0001M + 3.750%), 08/15/25	$	1,770,540		0.2
	3,043,338	Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 06/15/25		3,017,658		0.4
	905,000	Blackstone Mortgage Trust, Inc. Term Loan B, 4.939%, (US0001M + 2.500%), 04/23/26		907,262		0.1
	2,333,275	DTZ U.S. Borrower LLC 2018 Add On Term Loan B, 5.689%, (US0001M + 3.250%), 08/21/25		2,331,817		0.3
	698,349	Duff & Phelps Corporation 2017 Term Loan B, 5.689%, (US0001M + 3.250%), 02/13/25		681,589		0.1
	5,733,138	Edelman Financial Center, LLC 2018 1st Lien Term Loan, 5.690%, (US0001M + 3.250%), 07/21/25		5,717,612		0.7
	560,000	Edelman Financial Center, LLC 2018 2nd Lien Term Loan, 9.190%, (US0001M + 6.750%), 07/20/26		562,800		0.1
	1,812,293	Focus Financial Partners, LLC 2018 Incremental Term Loan, 4.939%, (US0001M + 2.500%), 07/03/24		1,812,293		0.2
	5,246,750	LPL Holdings, Inc. 2017 1st Lien Term Loan B, 4.680%, (US0001M + 2.250%), 09/23/24		5,240,150		0.6

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	859,407	Priority Payment Systems LLC Term Loan, 7.440%, (US0001M + 5.000%), 01/03/23	$	863,704		0.1
				22,905,425		2.8
		Food Products: 2.1%
	2,314,200	8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 6.217%, (US0001M + 3.750%), 10/01/25		2,320,951		0.3
	205,000	8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan, 10.217%, (US0001M + 7.750%), 10/01/26		203,975		0.0
	1,250,950	Atkins Nutritionals Holdings II, Inc. 2017 Term Loan B, 6.081%, (US0003M + 3.500%), 07/07/24		1,254,077		0.2
	868,438	CH Guenther & Son, Incorporated 2018 Term Loan B, 5.189%, (US0001M + 2.750%), 03/31/25		864,095		0.1
	1,351,700	Del Monte Foods, Inc. 1st Lien Term Loan, 5.776%, (US0003M + 3.250%), 02/18/21		996,034		0.1
	6,588,500	IRB Holding Corp 1st Lien Term Loan, 5.690%, (US0001M + 3.250%), 02/05/25		6,544,027		0.8
	1,739,025	NPC International, Inc. 1st Lien Term Loan, 5.939%, (US0001M + 3.500%), 04/19/24		1,366,583		0.2
	605,000	NPC International, Inc. 2nd Lien Term Loan, 9.939%, (US0001M + 7.500%), 04/18/25		397,788		0.0

See Accompanying Notes to Financial Statements
35

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Food Products (continued)
EUR	2,785,000	Sigma Bidco B.V. 2018 EUR Term Loan B, 3.500%, (EUR003M + 3.500%), 07/02/25	$	3,037,803		0.4
				16,985,333		2.1
		Food Service: 2.4%
	4,294,664	1011778 B.C. Unlimited Liability Company Term Loan B3, 4.689%, (US0001M + 2.250%), 02/16/24		4,257,086		0.5
	900,000	Carrols Restaurant Group, Inc. Term Loan B, 5.753%, (US0003M + 3.250%), 04/04/26		898,875		0.1
	1,166,188	Del Friscos Restaurant Group, Inc. 2018 Incremental Term Loan, 8.439%, (US0001M + 6.000%), 06/27/25		1,123,913		0.1
	2,049,513	Dhanani Group Inc. 2018 Term Loan B, 6.189%, (US0001M + 3.750%), 07/20/25		1,988,027		0.2
	1,300,175	Flynn Restaurant Group LP 1st Lien Term Loan, 5.939%, (US0001M + 3.500%), 06/27/25		1,269,296		0.2
	552,246	Fogo de Chao Churrascaria Holdings LLC 2018 Add On Term Loan, 6.689%, (US0001M + 4.250%), 04/05/25		555,007		0.1
	4,628,016	Golden Nugget, Inc. 2017 Incremental Term Loan B, 5.189%, (US0001M + 2.750%), 10/04/23		4,612,105		0.6

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	2,218,238	Hearthside Food Solutions, LLC 2018 Term Loan B, 6.126%, (US0001M + 3.688%), 05/23/25	$	2,171,792		0.3
	395,000	K-Mac Holdings Corp 2018 2nd Lien Term Loan, 9.180%, (US0001M + 6.750%), 03/16/26		395,658		0.1
	345,000	Tacala, LLC 2nd Lien Term Loan, 9.439%, (US0001M + 7.000%), 01/30/26		346,438		0.0
	1,826,436	Welbilt, Inc. 2018 Term Loan B, 4.939%, (US0001M + 2.500%), 10/23/25		1,812,738		0.2
				19,430,935		2.4
		Food/Drug Retailers: 2.2%
	3,739,341	Albertsons, LLC Term Loan B7, 5.439%, (US0001M + 3.000%), 11/17/25		3,716,438		0.5
	4,444,554	Albertsons, LLC USD 2017 Term Loan B6, 5.439%, (US0001M + 3.000%), 06/22/23		4,431,589		0.5
EUR	1,000,000	CD&R Firefly Bidco Limited 2018 EUR Term Loan B2, 3.500%, (EUR003M + 3.250%), 06/23/25		1,123,334		0.1
	2,776,958	EG Finco Limited 2018 USD Term Loan, 6.601%, (US0003M + 4.000%), 02/07/25		2,739,933		0.3
	519,750	EG Group Limited 2018 USD Term Loan B, 6.601%, (US0003M + 4.000%), 02/07/25		512,820		0.1

See Accompanying Notes to Financial Statements
36

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Food/Drug Retailers (continued)
	4,054,237	Moran Foods LLC Term Loan, 8.601%, (US0003M + 6.000%), 12/05/23	$	2,199,423		0.3
	3,848,206	United Natural Foods, Inc. Term Loan B, 6.689%, (US0001M + 4.250%), 10/22/25		3,309,457		0.4
				18,032,994		2.2
		Forest Products: 0.4%
	2,851,297	Blount International Inc. 2018 Term Loan B, 6.189%, (US0001M + 3.750%), 04/12/23		2,858,425		0.4
		Health Care: 15.3%
	788,025	Accelerated Health Systems, LLC Term Loan B, 5.967%, (US0001M + 3.500%), 10/31/25		790,488		0.1
	3,612,700	ADMI Corp. 2018 Term Loan B, 5.189%, (US0001M + 2.750%), 04/30/25		3,565,283		0.4
	810,000	Agiliti Health, Inc Term Loan, 5.500%, (US0001M + 3.000%), 01/04/26		808,967		0.1
	2,083,676	Air Methods Corporation 2017 Term Loan B, 6.101%, (US0003M + 3.500%), 04/21/24		1,824,086		0.2
	6,370,000	Athenahealth, Inc. 2019 Term Loan B, 7.045%, (US0003M + 4.500%), 02/11/26		6,377,962		0.8
	2,848,196	ATI Holdings Acquisition, Inc. 2016 Term Loan, 5.930%, (US0001M + 3.500%), 05/10/23		2,804,285		0.4

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	3,825,000	Auris Luxembourg III S.a.r.l. 2019 USD Term Loan B, 6.189%, (US0001M + 3.750%), 02/27/26	$	3,838,150		0.5
	2,785,000	Brightspring Health Services Term Loan B, 6.967%, (US0001M + 4.500%), 03/05/26		2,782,215		0.4
	1,540,294	Carestream Dental Equiment, Inc 2017 1st Lien Term Loan B, 5.689%, (US0001M + 3.250%), 09/01/24		1,522,003		0.2
	1,920,000	Catalent Pharma Solutions Inc. Incremental Term Loan B, 4.682%, (US0001M + 2.250%), 05/18/26		1,920,000		0.2
	6,132,060	Change Healthcare Holdings LLC 2017 Term Loan B, 5.189%, (US0001M + 2.750%), 03/01/24		6,055,887		0.8
	5,091,107	CHG Healthcare Services Inc. 2017 1st Lien Term Loan B, 5.439%, (US0001M + 3.000%), 06/07/23		5,086,867		0.6
EUR	1,000,000	Cidron Atrium SE 2018 EUR Term Loan B, 3.250%, (EUR003M + 3.250%), 04/16/25		1,121,688		0.1
	2,261,323	Concentra Inc. 2018 1st Lien Term Loan, 5.220%, (US0001M + 2.750%), 06/01/22		2,261,323		0.3
EUR	1,000,000	Constantin Investissement 4 EUR Term Loan B, 3.500%, (EUR003M + 3.500%), 04/22/24		1,118,965		0.1

See Accompanying Notes to Financial Statements
37

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†				Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
				Health Care (continued)
	346,327	(1	)	DentalCorp Perfect Smile ULC 1st Lien Delayed Draw Term Loan, 6.189%, (US0001M + 3.750%), 06/06/25	$	343,009		0.0
	1,380,273			DentalCorp Perfect Smile ULC 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 06/06/25		1,367,046		0.2
	1,722,705			Diplomat Pharmacy, Inc. 2017 Term Loan B, 6.939%, (US0001M + 4.500%), 12/20/24		1,593,502		0.2
	10,703,175			Envision Healthcare Corporation 2018 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 10/10/25		9,739,889		1.2
	3,863,937			ExamWorks Group, Inc. 2017 Term Loan, 5.689%, (US0001M + 3.250%), 07/27/23		3,863,937		0.5
	7,664,048			Global Medical Response, Inc. 2018 Term Loan B1, 5.690%, (US0001M + 3.250%), 04/28/22		7,486,817		0.9
	1,800,346			GoodRx, Inc. 1st Lien Term Loan, 5.440%, (US0001M + 3.000%), 10/10/25		1,797,534		0.2
	2,645,013			Inovalon Holdings, Inc. 2018 Term Loan B, 6.000%, (US0001M + 3.500%), 04/02/25		2,649,972		0.3
	4,346,817			Jaguar Holding Company II 2018 Term Loan, 4.939%, (US0001M + 2.500%), 08/18/22		4,302,897		0.5

Principal Amount†				Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	3,284,512			Kinetic Concepts, Inc. 2017 USD Term Loan B, 5.851%, (US0003M + 3.250%), 02/02/24	$	3,292,385		0.4
	1,110,225			Lifescan Global Corporation 2018 1st Lien Term Loan, 8.658%, (US0003M + 6.000%), 09/27/24		1,079,694		0.1
	2,663,141			MPH Acquisition Holdings LLC 2016 Term Loan B, 5.351%, (US0003M + 2.750%), 06/07/23		2,610,989		0.3
	1,941,527			nThrive, Inc. 2016 1st Lien Term Loan, 6.939%, (US0001M + 4.500%), 10/20/22		1,883,281		0.2
	2,367,100			Ortho-Clinical Diagnostics SA 2018 Term Loan B, 5.695%, (US0001M + 3.250%), 06/30/25		2,292,141		0.3
	2,049,339			Pearl Intermediate Parent LLC 2018 1st Lien Term Loan, 5.180%, (US0001M + 2.750%), 02/14/25		1,987,859		0.3
	100,000			Pearl Intermediate Parent LLC 2018 2nd Lien Term Loan, 8.680%, (US0001M + 6.250%), 02/13/26		96,937		0.0
	606,084	(1	)	Pearl Intermediate Parent LLC 2018 Delayed Draw Term Loan, 5.180%, (US0001M + 2.750%), 02/14/25		587,902		0.1
	1,124,125			Press Ganey Holdings, Inc. 2018 1st Lien Term Loan, 5.189%, (US0001M + 2.750%), 10/23/23		1,118,154		0.1

See Accompanying Notes to Financial Statements
38

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Health Care (continued)
	2,655,261	Prospect Medical Holdings, Inc. 2018 Term Loan B, 8.000%, (US0001M + 5.500%), 02/22/24	$	2,522,498		0.3
	2,354,100	RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 6.930%, (US0001M + 4.500%), 11/16/25		2,351,892		0.3
	3,023,879	Select Medical Corporation 2017 Term Loan B, 4.930%, (US0001M + 2.500%), 03/06/25		3,023,879		0.4
	4,240,382	Sotera Health Holdings, LLC 2017 Term Loan, 5.439%, (US0001M + 3.000%), 05/15/22		4,227,130		0.5
	3,799,693	Surgery Center Holdings, Inc. 2017 Term Loan B, 5.690%, (US0001M + 3.250%), 09/02/24		3,737,948		0.5
	2,153,245	Team Health Holdings, Inc. 1st Lien Term Loan, 5.189%, (US0001M + 2.750%), 02/06/24		1,948,686		0.2
	923,550	Tecomet Inc. 2017 Repriced Term Loan, 5.953%, (US0001M + 3.500%), 05/01/24		925,859		0.1
	2,157,022	U.S. Anesthesia Partners, Inc. 2017 Term Loan, 5.439%, (US0001M + 3.000%), 06/23/24		2,153,652		0.3
	1,801,492	U.S. Renal Care, Inc. 2015 1st Lien Term Loan, 6.851%, (US0003M + 4.250%), 12/30/22		1,803,744		0.2

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	7,374,176	Valeant Pharmaceuticals International, Inc. 2018 Term Loan B, 5.467%, (US0001M + 3.000%), 06/02/25	$	7,349,406		0.9
	1,030,000	Vizient, Inc. 2019 Term Loan B, 5.217%, (US0001M + 2.750%), 04/16/26		1,031,288		0.1
	2,952,824	Wink Holdco, Inc 1st Lien Term Loan B, 5.439%, (US0001M + 3.000%), 12/02/24		2,902,996		0.4
	575,000	Wink Holdco, Inc 2nd Lien Term Loan B, 9.190%, (US0001M + 6.750%), 11/03/25		573,922		0.1
				124,525,014		15.3
		Home Furnishings: 0.7%
	1,499,987	Hillman Group Inc. (The) 2018 Term Loan B, 6.439%, (US0001M + 4.000%), 05/31/25		1,460,612		0.2
	3,885,750	Prime Security Services Borrower, LLC 2016 1st Lien Term Loan, 5.189%, (US0001M + 2.750%), 05/02/22		3,860,769		0.5
				5,321,381		0.7
		Industrial Equipment: 2.4%
EUR	1,000,000	Averys 2018 EUR 1st Lien Term Loan B, 3.750%, (EUR003M + 3.750%), 09/29/25		1,122,270		0.1
	3,180,494	Cortes NP Acquisition Corporation 2017 Term Loan B, 6.439%, (US0001M + 4.000%), 11/30/23		3,010,868		0.4

See Accompanying Notes to Financial Statements
39

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Industrial Equipment (continued)
	832,913	CPM Holdings, Inc. 2018 1st Lien Term Loan, 6.189%, (US0001M + 3.750%), 11/15/25	$	825,625		0.1
	1,625,847	EWT Holdings III Corp. 2017 Repriced Term Loan, 5.439%, (US0001M + 3.000%), 12/20/24		1,621,783		0.2
	1,039,684	ExGen Renewables IV, LLC Term Loan B, 5.530%, (US0003M + 3.000%), 11/28/24		988,349		0.1
	2,207,800	Filtration Group Corporation 2018 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 03/29/25		2,205,729		0.3
EUR	2,942,532	Gardner Denver, Inc. 2017 EUR Term Loan B, 3.000%, (EUR001M + 3.000%), 07/30/24		3,298,205		0.4
	2,256,353	Gardner Denver, Inc. 2017 USD Term Loan B, 5.189%, (US0001M + 2.750%), 07/30/24		2,259,313		0.3
	2,047,203	Kenan Advantage Group, Inc. 2015 Term Loan, 5.439%, (US0001M + 3.000%), 07/31/22		2,020,759		0.2
	568,992	Kenan Advantage Group, Inc. CAD Term Loan B, 5.439%, (US0001M + 3.000%), 07/31/22		561,642		0.1
	584,100	Safe Fleet Holdings LLC 2018 1st Lien Term Loan, 5.470%, (US0001M + 3.000%), 02/01/25		573,878		0.1

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	265,000	Safe Fleet Holdings LLC 2018 2nd Lien Term Loan, 9.220%, (US0001M + 6.750%), 02/01/26	$	260,363		0.0
	446,625	Shape Technologies Group, Inc. Term Loan, 5.487%, (US0003M + 3.000%), 04/21/25		432,110		0.1
				19,180,894		2.4
		Insurance: 7.4%
	1,025,000	Achilles Acquisition LLC 2018 Term Loan, 6.500%, (US0001M + 4.000%), 10/13/25		1,025,000		0.1
	6,877,794	Acrisure, LLC 2017 Term Loan B, 6.772%, (US0003M + 4.250%), 11/22/23		6,838,246		0.9
	2,724,437	Acrisure, LLC 2018 Term Loan B, 6.272%, (US0003M + 3.750%), 11/22/23		2,704,004		0.3
	1,489,483	Alera Group Holdings, Inc. 2018 Term Loan B, 6.939%, (US0001M + 4.500%), 07/25/25		1,491,344		0.2
	6,761,446	Alliant Holdings I, Inc. 2018 Term Loan B, 5.430%, (US0001M + 3.000%), 05/09/25		6,616,711		0.8
	115,000	Alliant Holdings Intermediate, LLC Term Loan B, 5.681%, (US0001M + 3.250%), 05/09/25		113,706		0.0
	3,812,250	AmWINS Group, Inc. 2017 Term Loan B, 5.195%, (US0001M + 2.750%), 01/25/24		3,788,424		0.5

See Accompanying Notes to Financial Statements
40

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Insurance (continued)
	4,968,493	Applied Systems, Inc. 2017 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 09/19/24	$	4,952,579		0.6
	650,000	Applied Systems, Inc. 2017 2nd Lien Term Loan, 9.439%, (US0001M + 7.000%), 09/19/25		655,688		0.1
	952,613	Aretec Group, Inc. 2018 Term Loan, 6.689%, (US0001M + 4.250%), 10/01/25		937,728		0.1
	5,868,790	AssuredPartners, Inc. 2017 1st Lien Add-On Term Loan, 5.939%, (US0001M + 3.500%), 10/22/24		5,823,306		0.7
	2,318,700	CCC Information Services, Inc. 2017 1st Lien Term Loan, 5.190%, (US0001M + 2.750%), 04/26/24		2,307,107		0.3
	190,000	CCC Information Services, Inc. 2017 2nd Lien Term Loan, 9.189%, (US0001M + 6.750%), 04/27/25		192,019		0.0
	6,461,175	Hub International Limited 2018 Term Loan B, 5.336%, (US0003M + 3.000%), 04/25/25		6,309,337		0.8
	5,877,685	NFP Corp. Term Loan B, 5.439%, (US0001M + 3.000%), 01/08/24		5,732,212		0.7
	6,336,625	Sedgwick Claims Management Services, Inc. 2018 Term Loan B, 5.689%, (US0001M + 3.250%), 12/31/25		6,269,298		0.8

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	4,383,475	USI, Inc. 2017 Repriced Term Loan, 5.601%, (US0003M + 3.000%), 05/16/24	$	4,274,984		0.5
				60,031,693		7.4
		Internet: 0.3%
	2,135,743	Shutterfly, Inc., 4.940%, (US0001M + 2.500%), 08/17/24		2,130,137		0.3
		Leisure Good/Activities/Movies: 6.9%
	1,573,113	Airxcel, Inc. 2018 1st Lien Term Loan, 6.939%, (US0001M + 4.500%), 04/28/25		1,470,860		0.2
	460,000	Airxcel, Inc. 2018 2nd Lien Term Loan, 11.189%, (US0001M + 8.750%), 04/27/26		417,450		0.1
	2,900,000	AMC Entertainment Holdings Inc. 2019 Term Loan B, 5.440%, (US0001M + 3.000%), 04/22/26		2,893,112		0.4
	1,679,445	ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 5.351%, (US0003M + 2.750%), 09/18/24		1,620,140		0.2
	2,759,924	Crown Finance US, Inc. 2018 USD Term Loan, 4.689%, (US0001M + 2.250%), 02/28/25		2,723,206		0.3
	3,552,587	Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan, 4.939%, (US0001M + 2.500%), 02/01/24		3,485,976		0.4
	5,113,783	Equinox Holdings, Inc. 2017 1st Lien Term Loan, 5.439%, (US0001M + 3.000%), 03/08/24		5,101,797		0.6

See Accompanying Notes to Financial Statements
41

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Leisure Good/Activities/Movies (continued)
	1,174,799	Equinox Holdings, Inc. 2017 2nd Lien Term Loan, 9.439%, (US0001M + 7.000%), 09/06/24	$	1,182,142		0.2
	5,638,252	Fitness International, LLC 2018 Term Loan B, 5.689%, (US0001M + 3.250%), 04/18/25		5,618,518		0.7
EUR	992,500	Fluidra Finco SLU 2018 EUR Term Loan B, 2.750%, (EUR001M + 2.750%), 07/02/25		1,114,592		0.1
EUR	2,010,000	Fugue Finance B.V. EUR Term Loan, 3.250%, (EUR003M + 3.250%), 09/01/24		2,238,921		0.3
EUR	2,000,000	GVC Holdings PLC 2018 EUR Term Loan B2, 2.750%, (EUR006M + 2.750%), 03/29/24		2,240,683		0.3
	1,608,750	GVC Holdings PLC 2018 USD Term Loan B2, 4.689%, (US0001M + 2.250%), 03/29/24		1,608,079		0.2
EUR	1,000,000	International Park Holdings B.V. EUR Term Loan B, 3.500%, (EUR006M + 3.500%), 06/13/24		1,111,216		0.1
	2,992,424	Intrawest Resorts Holdings, Inc. Term Loan B1, 5.439%, (US0001M + 3.000%), 07/31/24		2,989,599		0.4
	3,199,006	Kingpin Intermediate Holdings LLC 2018 Term Loan B, 5.940%, (US0001M + 3.500%), 07/03/24		3,202,925		0.4

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	4,285,062	Life Time, Inc. 2017 Term Loan B, 5.275%, (US0003M + 2.750%), 06/10/22	$	4,281,043		0.5
	1,526,175	NEP/NCP Holdco, Inc. 2018 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 10/20/25		1,523,791		0.2
	1,180,000	NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan, 9.439%, (US0001M + 7.000%), 10/19/26		1,169,307		0.1
	702,913	SRAM, LLC 2018 Term Loan B, 5.329%, (US0002M + 2.750%), 03/15/24		702,017		0.1
EUR	912,850	Thor Industries, Inc. EUR Term Loan B, 4.000%, (EUR001M + 4.000%), 02/01/26		997,694		0.1
	4,563,258	Thor Industries, Inc. USD Term Loan B, 6.250%, (US0001M + 3.750%), 02/01/26		4,470,090		0.6
	872,813	WeddingWire, Inc. 1st Lien Term Loan, 6.939%, (US0001M + 4.500%), 12/19/25		872,812		0.1
	315,000	WeddingWire, Inc. 2nd Lien Term Loan, 10.689%, (US0001M + 8.250%), 12/21/26		314,213		0.0
	1,092,000	Winnebago Industries, Inc. 2017 Term Loan, 6.101%, (US0003M + 3.500%), 11/08/23		1,089,270		0.1
	1,533,413	Zodiac Pool Solutions LLC 2018 Term Loan B, 4.689%, (US0001M + 2.250%), 07/02/25		1,531,815		0.2
				55,971,268		6.9

See Accompanying Notes to Financial Statements
42

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Leisure Time: 0.4%
	3,126,375	24 Hour Fitness Worldwide, Inc. 2018 Term Loan B, 5.939%, (US0001M + 3.500%), 05/30/25	$	3,108,789		0.4
		Lodging & Casinos: 5.1%
	7,761,750	Caesars Resort Collection, LLC 2017 1st Lien Term Loan B, 5.189%, (US0001M + 2.750%), 12/22/24		7,726,403		1.0
	4,555,112	Everi Payments Inc. Term Loan B, 5.439%, (US0001M + 3.000%), 05/09/24		4,557,959		0.6
	3,025,275	Golden Entertainment, Inc. 2017 1st Lien Term Loan, 5.430%, (US0001M + 3.000%), 10/21/24		3,021,418		0.4
	1,835,000	PCI Gaming Authority Term Loan, 5.503%, (US0003M + 3.000%), 05/15/26		1,838,112		0.2
	8,633,660	Scientific Games International, Inc. 2018 Term Loan B5, 5.223%, (US0002M + 2.750%), 08/14/24		8,518,547		1.0
	10,121,589	Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan, 6.101%, (US0003M + 3.500%), 07/10/25		10,136,772		1.2
	5,702,335	Station Casinos LLC 2016 Term Loan B, 4.940%, (US0001M + 2.500%), 06/08/23		5,670,852		0.7
				41,470,063		5.1

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Nonferrous Metals/Minerals: 1.1%
	6,080,092	Covia Holdings Corporation Term Loan, 6.598%, (US0003M + 4.000%), 06/01/25	$	5,241,544		0.6
	4,027,630	U.S. Silica Company 2018 Term Loan B, 6.500%, (US0001M + 4.000%), 05/01/25		3,846,386		0.5
				9,087,930		1.1
		Oil & Gas: 2.5%
	1,101,675	Brazos Delaware II, LLC Term Loan B, 6.442%, (US0001M + 4.000%), 05/21/25		1,052,788		0.1
	1,395,000	Encino Acquisition Partners Holdings, LLC 2018 2nd Lien Term Loan, 9.189%, (US0001M + 6.750%), 10/29/25		1,297,350		0.2
	1,387,438	Glass Mountain Pipeline Holdings, LLC Term Loan B, 7.120%, (US0003M + 4.500%), 12/23/24		1,364,892		0.2
	2,283,525	Grizzly Acquisitions Inc. 2018 Term Loan B, 5.850%, (US0003M + 3.250%), 10/01/25		2,285,427		0.3
	1,869,730	HGIM Corp. 2018 Exit Term Loan, 8.743%, (US0003M + 6.000%), 07/03/23		1,808,964		0.2
	1,930,000	Lower Cadence Holdings LLC Term Loan B, 6.503%, (US0001M + 4.000%), 05/22/26		1,932,412		0.2
	2,285,000	Lucid Energy Group II LLC Incremental Term Loan B2, 5.503%, (US0003M + 3.000%), 02/17/25		2,195,028		0.3

See Accompanying Notes to Financial Statements
43

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Oil & Gas (continued)
	1,984,950	McDermott Technology Americas Inc 2018 1st Lien Term Loan, 7.439%, (US0001M + 5.000%), 05/10/25	$	1,933,879		0.2
	2,671,188	Medallion Midland Acquisition, LLC 1st Lien Term Loan, 5.689%, (US0001M + 3.250%), 10/30/24		2,641,137		0.3
	764,581	MEG Energy Corp. 2017 Term Loan B, 5.939%, (US0001M + 3.500%), 12/31/23		763,625		0.1
	443,888	Moda Ingleside Energy Center, LLC 2018 Term Loan B, 5.689%, (US0001M + 3.250%), 09/29/25		445,691		0.1
	2,247,875	Navitas Midstream Midland Basin, LLC Term Loan B, 6.930%, (US0001M + 4.500%), 12/13/24		2,205,727		0.3
				19,926,920		2.5
		Publishing: 0.7%
	2,192,847	Meredith Corporation 2018 Term Loan B, 5.189%, (US0001M + 2.750%), 01/31/25		2,147,351		0.3
	1,333,097	Merrill Communications, LLC 2015 Term Loan, 7.833%, (US0003M + 5.250%), 06/01/22		1,344,762		0.2
	1,950,510	Tribune Media Company Term Loan C, 5.439%, (US0001M + 3.000%), 01/27/24		1,953,182		0.2

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	236,728	Tribune Media Company Term Loan, 5.439%, (US0001M + 3.000%), 12/27/20	$	236,948		0.0
				5,682,243		0.7
		Radio & Television: 2.2%
	2,822,054	A-L Parent LLC 2016 1st Lien Term Loan, 5.690%, (US0001M + 3.250%), 12/01/23		2,814,999		0.4
	3,573,319	Cumulus Media New Holdings Inc. Exit Term Loan, 6.940%, (US0001M + 4.500%), 05/15/22		3,563,610		0.4
	2,141,254	Entercom Media Corp. 2017 Term Loan B, 5.178%, (US0001M + 2.750%), 11/18/24		2,141,254		0.3
	1,913,760	Lions Gate Capital Holdings LLC 2018 Term Loan B, 4.689%, (US0001M + 2.250%), 03/24/25		1,906,584		0.2
	7,706,515	Univision Communications Inc. Term Loan C5, 5.189%, (US0001M + 2.750%), 03/15/24		7,326,006		0.9
				17,752,453		2.2
		Retailers (Except Food & Drug): 5.2%
	1,224,042	Abercrombie & Fitch Management Co. 2018 Term Loan B1, 5.940%, (US0001M + 3.500%), 08/07/21		1,227,484		0.2
	1,475,028	Academy, Ltd. 2015 Term Loan B, 6.454%, (US0001M + 4.000%), 07/01/22		1,084,146		0.1

See Accompanying Notes to Financial Statements
44

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Retailers (Except Food & Drug) (continued)
	2,074,470	Bass Pro Group, LLC Term Loan B, 7.439%, (US0001M + 5.000%), 09/25/24	$	2,025,836		0.3
	4,334,901	Belk, Inc. TL B 1L, 7.285%, (US0003M + 4.750%), 12/12/22		3,474,692		0.4
	3,726,895	BJs Wholesale Club, Inc. 2017 1st Lien Term Loan, 5.453%, (US0001M + 3.000%), 02/03/24		3,733,626		0.5
	5,381,805	Harbor Freight Tools USA, Inc. 2018 Term Loan B, 4.939%, (US0001M + 2.500%), 08/18/23		5,249,181		0.6
	4,556,254	Jo-Ann Stores, Inc. 2016 Term Loan, 7.592%, (US0003M + 5.000%), 10/20/23		4,510,691		0.6
	542,207	Jo-Ann Stores, Inc. 2018 2nd Lien Term Loan, 11.842%, (US0003M + 9.250%), 05/21/24		519,615		0.1
	5,152,074	Leslies Poolmart, Inc. 2016 Term Loan, 5.981%, (US0002M + 3.500%), 08/16/23		5,014,683		0.6
	4,455,617	Mens Wearhouse, Inc. (The) 2018 Term Loan, 5.736%, (US0001M + 3.250%), 04/09/25		4,032,333		0.5
	331,851	National Vision, Inc. 2017 Repriced Term Loan, 4.939%, (US0001M + 2.500%), 11/20/24		331,748		0.0
EUR	5,909,551	Peer Holding III B.V. 2018 EUR Term Loan B, 3.250%, (EUR003M + 3.250%), 03/08/25		6,534,919		0.8

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	5,611,500	Petco Animal Supplies, Inc. 2017 Term Loan B, 5.833%, (US0003M + 3.250%), 01/26/23	$	4,306,826		0.5
				42,045,780		5.2
		Software: 0.5%
	4,301,133	Misys (Finastra) — TL B 1L, 6.101%, (US0003M + 3.500%), 06/13/24		4,211,896		0.5
		Steel: 0.2%
	1,829,486	GrafTech Finance, Inc. 2018 Term Loan B, 5.939%, (US0001M + 3.500%), 02/12/25		1,818,006		0.2
		Surface Transport: 1.1%
	4,715,313	Navistar International Corporation 2017 1st Lien Term Loan B, 5.960%, (US0001M + 3.500%), 11/06/24		4,723,131		0.6
	1,620,257	PODS, LLC 2018 1st Lien Term Loan, 5.203%, (US0001M + 2.750%), 12/06/24		1,602,704		0.2
	2,665,564	Savage Enterprises LLC 2018 1st Lien Term Loan B, 6.970%, (US0001M + 4.500%), 08/01/25		2,681,392		0.3
				9,007,227		1.1
		Telecommunications: 8.4%
	2,690,051	Altice Financing SA 2017 USD Term Loan B, 5.190%, (US0001M + 2.750%), 07/15/25		2,586,933		0.3
	1,940,450	Altice Financing SA USD 2017 1st Lien Term Loan, 5.182%, (US0001M + 2.750%), 01/31/26		1,862,832		0.2

See Accompanying Notes to Financial Statements
45

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Telecommunications (continued)
	975,101	Altice France S.A. USD Term Loan B12, 6.127%, (US0001M + 3.688%), 01/31/26	$	941,147		0.1
	2,215,000	Asurion LLC 2017 2nd Lien Term Loan, 8.939%, (US0001M + 6.500%), 08/04/25		2,253,762		0.3
	5,688,105	Asurion LLC 2017 Term Loan B4, 5.439%, (US0001M + 3.000%), 08/04/22		5,675,306		0.7
	5,519,789	Asurion LLC 2018 Term Loan B6, 5.439%, (US0001M + 3.000%), 11/03/23		5,506,679		0.7
	4,220,625	Asurion LLC 2018 Term Loan B7, 5.439%, (US0001M + 3.000%), 11/03/24		4,207,435		0.5
	5,332,525	Avaya, Inc. 2018 Term Loan B, 6.690%, (US0001M + 4.250%), 12/15/24		5,230,316		0.6
	9,825,874	CenturyLink, Inc. 2017 Term Loan B, 5.189%, (US0001M + 2.750%), 01/31/25		9,575,108		1.2
	2,875,000	CommScope, Inc. 2019 Term Loan B, 5.689%, (US0001M + 3.250%), 04/06/26		2,870,808		0.3
	2,144,011	Consolidated Communications, Inc. 2016 Term Loan B, 5.440%, (US0001M + 3.000%), 10/04/23		2,100,059		0.3
	4,393,100	Flexential Intermediate Corporation 2017 1st Lien Term Loan, 6.101%, (US0003M + 3.500%), 08/01/24		4,074,600		0.5

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
	2,451,099	Global Tel*Link Corporation 2018 1st Lien Term Loan, 6.689%, (US0001M + 4.250%), 11/29/25	$	2,453,014		0.3
	1,700,000	Global Tel*Link Corporation 2018 2nd Lien Term Loan, 10.689%, (US0001M + 8.250%), 11/29/26		1,673,084		0.2
	3,740,578	GTT Communications, Inc. 2018 USD Term Loan B, 5.190%, (US0001M + 2.750%), 05/31/25		3,473,127		0.4
	2,267,100	MTN Infrastructure TopCo Inc 1st Lien Term Loan B, 5.439%, (US0001M + 3.000%), 11/15/24		2,254,819		0.3
	2,232,121	Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 6.939%, (US0001M + 4.500%), 11/01/24		2,153,997		0.3
	1,831,163	Speedcast International Limited Term Loan B, 5.351%, (US0003M + 2.750%), 05/15/25		1,812,851		0.2
	5,051,900	Sprint Communications, Inc. 1st Lien Term Loan B, 5.000%, (US0001M + 2.500%), 02/02/24		4,938,192		0.6
	935,000	Syniverse Holdings, Inc. 2018 2nd Lien Term Loan, 11.440%, (US0001M + 9.000%), 03/11/24		682,550		0.1
	2,125,000	Telenet Financing USD LLC USD Term Loan AN, 4.690%, (US0001M + 2.250%), 08/15/26		2,103,750		0.3
				68,430,369		8.4

See Accompanying Notes to Financial Statements
46

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Principal Amount†		Borrower/ Tranche Description	Fair Value		Percentage of Net Assets
		Utilities: 1.9%
	4,937,500	Calpine Construction Finance Company, L.P. 2017 Term Loan B, 4.939%, (US0001M + 2.500%), 01/15/25	$	4,903,555		0.6
	300,000	Edgewater Generation, L.L.C. Add on Term Loan B, 6.253%, (US0003M + 3.750%), 12/13/25		300,000		0.0
	1,701,263	Edgewater Generation, L.L.C. Term Loan, 6.189%, (US0001M + 3.750%), 12/13/25		1,702,964		0.2
	2,196,908	LMBE-MC Holdco II LLC Term Loan B, 6.610%, (US0003M + 4.000%), 11/14/25		2,195,535		0.3
	2,358,125	Longview Power LLC Term Loan B, 8.590%, (US0003M + 6.000%), 04/13/21		2,110,522		0.3
	819,987	MRP Generation Holdings, LLC Term Loan B, 9.601%, (US0003M + 7.000%), 10/18/22		799,487		0.1
	1,818,438	Nautilus Power, LLC Term Loan B, 6.772%, (US0001M + 4.250%), 05/16/24		1,826,963		0.2
	850,000	Sabre Industries, Inc. 2019 Term Loan B, 6.940%, (US0001M + 4.500%), 04/02/26		859,562		0.1
	976,890	Southeast PowerGen, LLC Term Loan B, 5.940%, (US0001M + 3.500%), 12/02/21		942,698		0.1
				15,641,286		1.9
		Total Senior Loans (Cost $1,173,991,493)		1,144,982,959		141.0

Shares					Value			Percentage of Net Assets
EQUITIES AND OTHER ASSETS: 0.2%
	46,262	(2	)	Cumulus Media, Inc. Class-A	$	740,192			0.1
	43,777	(2	)	Everyware Global, Inc.		28,455			0.0
	4,398	(2	)	Harvey Gulf International Marine LLC		114,348			0.0
	19,651	(2	)	Harvey Gulf International Marine LLC - Warrants		530,577			0.1
	205,396	(2	)	Longview Power LLC		200,261			0.0
	75,853	(2	)	Millennium Health, LLC		1,138			0.0
	—	(3	)	Millennium Health, LLC - Corporate Claims Trust		—			0.0
	407	(2	)	Southcross Holdings GP LLC		—			0.0
	407	(2	)	Southcross Holdings LP - Class A		213,675			0.0
				Total Equities and Other Assets (Cost $4,995,272)		1,828,646			0.2
				Total Investments (Cost $1,178,986,765)	$	1,146,811,605			141.2
				Liabilities in Excess of Other Assets		(334,501,197	)		(41.2	)
				Net Assets	$	812,310,408			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)  All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 7 for additional details.

(2)  Non-income producing security.

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

Reference Rate Abbreviations:

EUR001M  1-month EURIBOR

EUR003M  3-month EURIBOR

US0001M  1-month LIBOR

US0001W  1-week LIBOR

US0002M  2-month LIBOR

US0003M  3-month LIBOR

US0006M  6-month LIBOR

See Accompanying Notes to Financial Statements
47

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2019 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2019
Asset Table
Investments, at fair value
Senior Loans	$	—	$	1,144,982,959		$	—	$	1,144,982,959
Equities and Other Assets		740,192		1,088,454			—		1,828,646
Total Investments, at fair value	$	740,192	$	1,146,071,413		$	—	$	1,146,811,605
Other Financial Instruments+
Forward Foreign Currency Contracts		—		152,524			—		152,524
Total Assets	$	740,192	$	1,146,223,937		$	—	$	1,146,964,129
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(785	)	$	—	$	(785	)
Total Liabilities	$	—	$	(785	)	$	—	$	(785	)

+  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 May 31, 2019, the following forward foreign currency contracts were outstanding for Voya Prime Rate Trust:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	60,959,933	EUR	54,395,000	State Street Bank & Trust Co.	06/12/19	$	152,524
EUR	2,735,000	USD	3,058,203	State Street Bank & Trust Co.	06/12/19		(785	)
						$	151,739

Currency Abbreviations

EUR  —  EU Euro

USD  —  United States Dollar

The following tables are a summary of the Trust's derivative instruments (not accounted for as hedging instruments) categorized by primary risk exposure.

As of May 31, 2019, the fair value of derivative instruments located in the Statement of Assets and Liabilities were as follows:

	Foreign Exchange Contracts
Assets - Derivative Instruments
Forward foreign currency contracts
Unrealized appreciation on forward foreign currency contracts	$	152,524
Total Asset Derivatives	$	152,524
Liabilities - Derivative Instruments
Forward foreign currency contracts
Unrealized depreciation on forward foreign currency contracts	$	785
Total Liability Derivatives	$	785

See Accompanying Notes to Financial Statements
48

PORTFOLIO OF INVESTMENTS
VOYA PRIME RATE TRUST  AS OF MAY 31, 2019 (UNAUDITED) (CONTINUED)

For the period ended May 31, 2019, the effect of derivative instruments in the Statement of Operations were as follows:

	Foreign Exchange Contracts
Net realized gain (loss) on derivatives recognized in income:
Forward foreign currency contracts	$	1,292,058
Total	$	1,292,058
Net change in unrealized appreciation (depreciation) on derivatives recognized in income:
Forward foreign currency contracts	$	64,664
Total	$	64,664

The following table is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at May 31, 2019:

	State Street Bank & Trust Co.
Assets:
Forward foreign currency contracts	$	152,524
Total Assets	$	152,524
Liabilities
Forward foreign currency contracts	$	(785	)
Total Liabilities	$	(785	)
Net OTC derivative instruments by counterparty, at fair value	$	151,739
Total collateral pledged/(Received from counterparty)	$	—
Net Exposure(1)	$	151,739

⁽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.

At May 31, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $1,179,171,782.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,431,633
Gross Unrealized Depreciation		(33,620,585	)
Net Unrealized Depreciation	$	(32,188,952	)

See Accompanying Notes to Financial Statements
49

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

50

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 2019 DIVIDENDS:

DECLARATION DATE	EX-DIVIDEND DATE	PAYABLE DATE
January 31, 2019	February 8, 2019	February 25, 2019
February 28, 2019	March 8, 2019	March 22, 2019
March 29, 2019	April 9, 2019	April 23, 2019
April 30, 2019	May 9, 2019	May 22, 2019
May 31, 2019	June 7, 2019	June 24, 2019
June 28, 2019	July 9, 2019	July 22, 2019
July 31, 2019	August 9, 2019	August 22, 2019
August 30, 2019	September 9, 2019	September 23, 2019
September 30, 2019	October 9, 2019	October 22, 2019
October 31, 2019	November 8, 2019	November 22, 2019
November 29, 2019	December 9, 2019	December 23, 2019
December 19, 2019	December 30, 2019	January 13, 2020

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.

51

Voya Prime Rate Trust

ADDITIONAL INFORMATION (Unaudited) (continued)

NUMBER OF SHAREHOLDERS

The number of record holders of common stock as of May 31, 2019 was 2,212 which does not include approximately 30,313 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 or Form N-PORT, available for filings after March 31, 2019. The Trust's Form N-Q or Form N-PORT is available on the SEC's website at www.sec.gov. The Trust's complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge 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 August 6, 2018 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.

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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

163290

(0519-072519)