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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Tm62wS3Tbw7uEf+tuE9MWQ==

<SEC-DOCUMENT>0001047469-03-028628.txt : 20030822
<SEC-HEADER>0001047469-03-028628.hdr.sgml : 20030822
<ACCEPTANCE-DATETIME>20030822162724
ACCESSION NUMBER:		0001047469-03-028628
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030822
EFFECTIVENESS DATE:		20030822

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:	333-61831
		FILM NUMBER:		03862709

	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>a2117590z497.txt
<DESCRIPTION>497
<TEXT>
<Page>

                                                         SEC File No. 333-61831
                         Filed Pursuant to Rule 497(h)

                             PROSPECTUS SUPPLEMENT
                      (TO PROSPECTUS DATED JULY 1, 2003)

                             ING PRIME RATE TRUST

                    7,481.412 SHARES OF BENEFICIAL INTEREST

                             --------------------

     During the period of August 18, 2003 through August 19, 2003, ING Prime
Rate Trust (the "Trust") sold 7,481.412 shares of beneficial interest of the
Trust through the Trust's Shareholder Investment Program pursuant to a
Distribution Agreement with ING Funds Distributor, LLC ("IFD") at a sales
price of $7.405 per share.

     Gross Proceeds..............................................  $  55,399.85
     Commission to IFD...........................................  $       0.00
     Net Proceeds to Trust.......................................  $  55,399.85

     On August 15, 2003, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was $7.53.


THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

                             --------------------

          The Date of this Prospectus Supplement is August 22, 2003.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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