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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KU90CAYEuzcPfYO2OCzeLuUCqdc3/NtV3/PHx+WHg4ZIieqdW7f8vx9v4OwMkU8J
 hRFzEcf+6mUyIl9jGyiY5Q==

<SEC-DOCUMENT>0000950153-03-001396.txt : 20030724
<SEC-HEADER>0000950153-03-001396.hdr.sgml : 20030724
<ACCEPTANCE-DATETIME>20030724141102
ACCESSION NUMBER:		0000950153-03-001396
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030724
EFFECTIVENESS DATE:		20030724

FILER:

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

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-68239
		FILM NUMBER:		03800639

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>p67999ie497.txt
<DESCRIPTION>497
<TEXT>
<PAGE>
                              ING PRIME RATE TRUST
                            5,000,000 COMMON SHARES

                         Supplement Dated July 23, 2003
          To the ING Prime Rate Trust 5,000,000 Common Shares Prospectus
                              Dated July 1, 2003

The section entitled "Investment Management and Other Service Providers-
Proposed Sub-Adviser" on page 22 of the Prospectus is amended to (1) delete the
third sentence of the third paragraph and (2) replace it with the following:

     For its services, ING Aeltus is entitled to receive a sub-advisory fee of
     0.36%, expressed as an annual rate based on the average daily Managed
     Assets of the Trust and is paid by ING Investments.


             PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
