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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Foq/CrsczHHXPs5Zm4qAYNFD8QBS4XDdrZbo1jsA2BUlKE9ashJ2qgHVr2SWs6ek
 hrphTfMY+2xQqCt/67KWfQ==

<SEC-DOCUMENT>0001047469-04-027017.txt : 20040820
<SEC-HEADER>0001047469-04-027017.hdr.sgml : 20040820
<ACCEPTANCE-DATETIME>20040820164658
ACCESSION NUMBER:		0001047469-04-027017
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040820
EFFECTIVENESS DATE:		20040820

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:		04989379

	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>a2142498z497.txt
<DESCRIPTION>497
<TEXT>
<Page>
                                                          SEC File No. 333-61831

                          Filed Pursuant to Rule 497(h)


                              PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2004)

                              ING PRIME RATE TRUST

                     5,422.886 SHARES OF BENEFICIAL INTEREST

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



     On August 17, 2004, ING Prime Rate Trust (the "Trust") sold 5,422,886
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 $7.680 per share.

<Table>
     <S>                                                      <C>
     Gross Proceeds.........................................  $ 41,647.78
     Commission to IFD......................................  $      0.00
     Net Proceeds to Trust..................................  $ 41,647.78
</Table>

On August 16, 2004, the last day of the corresponding pricing period, the last
reported sales price of the Shares on the NYSE was $8.10.




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 20, 2004.

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