On June 23, 2020, Voya Prime Rate Trust announced that it sent a letter to shareholders highlighting the results of a focused investment thesis that has delivered consistently paid dividends for decades and performed well in periods of heightened volatility and credit risk. The Company stated that the Board has determined that the Board nominees and shareholder proposal put forward by a hedge fund managed by Saba Capital Management are adverse to the interests of the Trust's long-term shareholders and urged shareholders to cast their vote using the 'white proxy card 'for' the Board-approved nominees and 'against' the proposal requesting a tender offer.