Voya Prime Rate Trust Sends Letter to Shareholders
June 21, 2020 at 07:01 pm IST
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On June 21, 2020, Voya Prime Rate Trust reported that it has 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. In addition, the Board 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 urges shareholders to cast their vote using its proxy card ‘for’ the Board-approved nominees and ‘against’ the proposal requesting a tender offer.
Saba Capital Income & Opportunities Fund (the Fund) is a closed-end, management investment company. The Fundâs investment objective is to seek to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. It seeks to achieve this objective by investing globally in debt and equity securities of public and private companies, which includes, among other things, investing in registered closed-end funds, special purpose acquisition companies (SPAC), public and private debt instruments, as well as derivatives. The Fund may also invest up to 15% of its total assets in private funds on a discretionary basis. The Fund invests in certain investments through its investment in BRW SPV I. The BRW SPV I is a Cayman Islands Exempted Company and is a wholly owned subsidiary of the Fund. Saba Capital Management, L.P serves as the investment adviser to the Fund.
SABA CAPITAL INCOME & OPPORTUNITIES FUND 
