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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SgzyXPDITtOqGFqUvdHGRR1gP8iD01iVfxs4jw03HIVcSGfjughEAMhsT5FjQvlv
 QSzfq3lC2haWkIEjVSAvFQ==

<SEC-DOCUMENT>0001047469-04-026736.txt : 20040817
<SEC-HEADER>0001047469-04-026736.hdr.sgml : 20040817
<ACCEPTANCE-DATETIME>20040817154559
ACCESSION NUMBER:		0001047469-04-026736
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040817
EFFECTIVENESS DATE:		20040817

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:		04981951

	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>a2142304z497.txt
<DESCRIPTION>497
<TEXT>
<Page>

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

                              PROSPECTUS SUPPLEMENT
       (to Prospectus dated July 1, 2004, as supplemented August 4, 2004)

                              ING PRIME RATE TRUST
                   2,625,016.000 Shares Of Beneficial Interest

On August 13, 2004, ING Prime Rate Trust (the "Trust") sold 2,625,016.000 shares
of beneficial interest of the Trust through a privately negotiated transaction
pursuant to a Distribution Agreement with ING Funds Distributor LLC at a sales
price of $7.619 per share.

          Gross Proceeds                                $19,999,996.90
          Commission                                    $         0.00
          Net Proceeds to Trust                          19,999,996.90

On August 12, 2004, the last day of the corresponding pricing period, the last
reported sales price of the Shares on the NYSE was $8.06.

         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 17, 2004.

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